Bank of Ghana establishes AI department to enhance financial oversight

The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has announced the establishment of a dedicated Data Analytics and Artificial Intelligence Department within the central bank. Speaking at the launch of the Ghana in Numbers 2025 report, Dr. Asiama explained that this move is intended to modernize the bank's operations and improve its economic forecasting and data governance capabilities. This institutional change aligns with the central bank’s broader strategy to integrate advanced technology into its monetary policy and supervisory functions.

In addition to the new department, the Bank of Ghana is currently developing a regulatory directive for the responsible use of artificial intelligence across the financial sector. The Governor emphasized that while AI offers significant opportunities for deeper insights into economic trends, its adoption must be managed through a robust framework that ensures ethical usage and data security. He also advocated for the transition toward machine-readable statistics, which would allow researchers, policymakers, and investors to utilize machine learning tools for more effective analysis of national progress.

Dr. Asiama linked these technological advancements to recent improvements in Ghana's macroeconomic environment. He reported that average lending rates have seen a sharp decline from 30.25% in December 2024 to 15.78% by September 2026. Furthermore, real private sector credit growth has surged from 0.20% to 26.42% during the same period. The Governor noted that a stable economy and accessible credit are vital for fostering youth entrepreneurship and creating jobs, particularly as the nation leverages its demographic advantages.

Concluding his remarks, the Governor urged stakeholders to treat the Ghana in Numbers 2025 publication as a vital national resource for evidence-based policy-making. He stressed that reliable, accessible data is essential for the central bank to maintain financial stability and promote inclusion for vulnerable groups. The establishment of the AI department marks a significant step in the Bank of Ghana's efforts to ensure that the country's financial infrastructure remains resilient and innovative in a digital global economy.