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The Bank of Ghana (BoG) is developing a directive to guide the use of artificial intelligence (AI) in the financial sector, seeking to promote technological innovation while addressing emerging risks associated with the technology.
Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, said the initiative would strengthen data governance, enhance institutional decision-making and promote the responsible adoption of emerging technologies across the financial industry.
He reaffirmed the central bank’s commitment to supporting innovation while establishing safeguards to manage potential risks.
“We want to promote innovation but at the same time address the emerging risks that can evolve from this,” he said.
Dr. Asiama made the remarks at the maiden launch of Ghana in Numbers 2025, an annual statistical publication by the Ghana Statistical Service (GSS), in Accra.
He disclosed that the central bank was also strengthening its analytical capabilities through the establishment of a Data Analytics and Artificial Intelligence Department to support policy analysis and improve institutional decision-making.
The Governor further advocated the creation of a dedicated electronic portal to provide access to the data underpinning Ghana in Numbers in accessible, machine-readable formats.
According to him, such a platform would enable researchers, policymakers, academics and businesses to use advanced analytical tools to uncover patterns and relationships that may not be immediately evident in published tables and charts.
Reliable data critical to monetary policy
Dr. Asiama emphasised that accurate and timely statistics were essential for effective monetary policy, financial sector regulation and informed business decisions.
“As an inflation targeting central bank, our decisions are both forward-looking and data-driven all the time,” he said.
He explained that dependable economic data enabled the Bank of Ghana to monitor inflation trends and assess their relationship with exchange rates, economic activity, credit conditions and developments in the global economy.
He added that reliable statistics also helped businesses and investors evaluate market conditions, manage risks and make informed investment decisions.
The Governor welcomed the inclusion of a dedicated monetary and financial sector section in Ghana in Numbers 2025, which draws substantially on official data produced by the central bank.
The section covers key indicators, including inflation, interest rates, credit to businesses and households, foreign reserves and banking sector conditions.
Lending conditions improve
Dr. Asiama also highlighted improvements in lending conditions and private sector credit growth, attributing the developments to the Bank of Ghana’s macroeconomic management efforts over the past two years.
He said the average lending rate had declined from 30.25 per cent in December 2024 to approximately 15.7 per cent in September 2026.
Growth in real private sector credit, he added, had increased from less than one per cent about two years earlier to 26.4 per cent at the end of September 2026.
The Governor further noted that inflation had remained in single digits for 13 consecutive months, while the exchange rate had been relatively stable despite external pressures.
He also pointed to significant improvements in the resilience of the banking sector.
Dr. Asiama stressed that sustaining macroeconomic stability and strengthening the financial system were essential to expanding access to finance and supporting productive economic activity.
He said the central bank was pursuing complementary initiatives to advance financial inclusion and improve financial health while encouraging responsible innovation.
These measures, he explained, were intended to make formal financial services more accessible, affordable and convenient, particularly for young people, women, micro, small and medium-sized enterprises (MSMEs), and underserved communities.
Youth development and economic growth
Addressing the theme of Ghana in Numbers 2025, “Youth and the Demographic Transition,” Dr. Asiama said Ghana’s large youth population presented significant opportunities for innovation, entrepreneurship and economic growth.
However, he cautioned that harnessing this potential would require equipping young people with relevant skills, supporting enterprise development and creating an enabling environment for investment.
He noted that reliable demographic, social and economic data would be crucial to identifying gaps in opportunities and developing policies that respond effectively to the needs of young people.
The Governor urged stakeholders to view Ghana in Numbers 2025 as more than a statistical publication, describing it as a national resource for tracking the country’s progress and informing decisions about its economic future.