Accra:The Bank of Ghana is developing a directive to regulate the use of artificial intelligence in the financial sector. This initiative aims to balance innovation with the management of emerging risks.
According to Ghana News Agency, Dr. Johnson Pandit Asiama, the Governor of the Bank of Ghana, emphasized that AI could significantly enhance credit assessment, fraud detection, customer service, risk management, and operational efficiency. However, he warned that AI also poses risks related to data quality, model risk, cybersecurity, and consumer protection.
Dr. Asiama made these remarks during the 43rd Annual General Meeting of the Ghana Association of Banks in Accra. The proposed directive is part of the Bank's broader strategy to strengthen regulatory and supervisory frameworks amidst the ongoing digital transformation of financial services.
Digitalisation has improved efficiency, convenience, and financial inclusion but has also introduced new risk channels. Dr. Asiama highlighted areas such as cybersecurity, digital fraud, data protection, third-party dependencies, and cloud computing that are under increased supervisory scrutiny.
The Bank of Ghana is collaborating with the Ghana Association of Banks and industry stakeholders to implement its revised Cyber and Information Security Directive and plans to conduct thematic reviews on its implementation. Dr. Asiama urged bank boards and senior management to regard cybersecurity and operational resilience as core business risks, not just technology issues.
He underscored the need for continuous evolution in regulatory and supervisory frameworks to keep pace with technological changes and the interconnected nature of financial risks. The Governor also encouraged banks to cultivate robust risk-management cultures.