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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.
Dr Johnson Pandit Asiama, the Governor of the Bank of Ghana, said AI had the potential to improve credit assessment, fraud detection, customer service, risk management and operational efficiency in financial services.
However, he cautioned that technology also introduced risks relating to data quality, model risk, cybersecurity and consumer protection.
“Our approach will seek to promote responsible experimentation and innovation while ensuring appropriate governance throughout the AI lifecycle,” he said.
Dr Asiama announced this at the 43rd Annual General Meeting of the Ghana Association of Banks in Accra on Thursday.
The proposed directive forms part of the Bank’s broader efforts to strengthen regulatory and supervisory frameworks as digitalisation transforms financial services.
Dr Asiama said digitalisation had improved efficiency, convenience and financial inclusion but had also created new channels through which risks could emerge.
He identified cybersecurity, digital fraud, data protection, third-party dependencies and cloud computing among the areas receiving increasing supervisory attention.
The Governor said the Bank continued to work with the Ghana Association of Banks and industry players to facilitate the implementation of its revised Cyber and Information Security Directive.
The Bank also intended to undertake thematic reviews focusing on the implementation of the revised directive.
Dr Asiama urged bank boards and senior management to treat cybersecurity and operational resilience as core business risks rather than merely technology issues.
He said regulatory and supervisory frameworks must continue to evolve in response to technological change and increasingly interconnected financial risks.
The Governor called on banks to build strong risk-management cultures and sustainable business models to ensure that innovation supported the development of a resilient financial sector.
Source: GNA