The Bank of Ghana (BoG) is developing a directive to regulate the use of artificial intelligence (AI) in the financial sector as it seeks to promote innovation while addressing emerging risks associated with the technology.

Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, said the move will strengthen data governance, improve institutional decision-making and ensure the responsible use of emerging technologies.

He said the central bank is committed to encouraging innovation in the financial sector while putting measures in place 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 by the Ghana Statistical Service (GSS) in Accra.

He disclosed that the Bank of Ghana was also building its analytical capacity through the establishment of a Data Analytics and Artificial Intelligence Department to support policy analysis and institutional decision-making.

The Governor further called for the creation of a dedicated electronic portal to make the data underpinning Ghana in Numbers available in accessible, machine-readable formats.

He said such a platform would allow researchers, policymakers, academics and businesses to apply advanced analytical tools to identify patterns and relationships that might not be immediately apparent from published tables and charts.

According to him, reliable and timely statistics remain essential for effective monetary policy, financial sector regulation and sound business decisions.

“As an inflation targeting central bank, our decisions are both forward-looking and data-driven all the time,” he said.

Dr. Asiama noted that accurate  economic data helps the central bank assess inflation trends and their interaction with exchange rates, economic activity, credit conditions and developments in the external environment.

He added that reliable statistics also help businesses and investors evaluate economic conditions, manage risks and make informed investment decisions.

The Governor welcomed the inclusion of a dedicated monetary and financial sector section in the publication, which draws substantially on official data produced by the Bank of Ghana.

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The section covers indicators including inflation, interest rates, credit to businesses and households, foreign reserves and banking sector conditions.

Dr. Asiama also highlighted improvements in lending conditions and private sector credit growth, which he attributed to the central bank’s macroeconomic management efforts over the past two years.

He said the average lending rate had declined from 30.25% in December 2024 to about 15.7% in September 2026.

Growth in real private sector credit, he added, had strengthened from less than 1% about two years earlier to 26.4% at the end of September 2026.

The Governor further said inflation had remained in single digits for 13 consecutive months, while the exchange rate had been relatively stable despite external headwinds.

He said the resilience of the banking sector had also improved significantly over the period.

Dr. Asiama stressed that maintaining macroeconomic stability and strengthening the financial system were important for expanding access to finance and supporting productive economic activity.

He said the Bank of Ghana was pursuing complementary initiatives to promote financial inclusion and financial health, while encouraging responsible innovation.

These initiatives, he noted, were intended to make formal financial services more accessible, affordable and convenient, particularly for young people, women, micro, small and medium-sized enterprises, and underserved communities.

Commenting on the publication’s theme, Youth and the Demographic Transition, Dr. Asiama said Ghana’s large youth population presented significant opportunities for innovation and entrepreneurship.

However, he cautioned that realising this potential would depend on equipping young people with relevant skills, supporting enterprise development and creating an enabling environment for investment.

He said reliable demographic, social and economic data would be critical to identifying gaps in opportunities and designing policies that respond to the needs of young people.

The Governor urged stakeholders to treat Ghana in Numbers 2025 as more than a statistical publication, describing it as a national resource for assessing the country’s progress and informing decisions about its economic future