Ghana: Effective Policies Key to Unlocking AI’s Potential – Bank of Ghana

Intersection between AI, Productivity, and Growth in Emerging Countries’, he outlined strategies for integrating AI into development frameworks.

“For countries like Ghana, implementing robust policies is essential to establishing a solid foundation for adopting AI solutions,” Dr. Opoku-Afari noted during his keynote address. He stressed that such policies must not only drive innovation but also encourage public acceptance of AI-related initiatives.

A recent study by the International Monetary Fund (IMF) highlights disparities in AI exposure between economies: 60% in advanced economies, compared to 40% in emerging markets and 26% in low-income countries. These figures underscore the urgency for emerging economies to prioritize investments that bridge this gap.

Key Policy Recommendations

Dr. Opoku-Afari outlined a series of policy measures to unlock AI’s potential:

1. Investment in Digital Infrastructure – Building resilient systems to support AI deployment.
2. Enhancing Human Capital – Training citizens with the skills needed for AI integration.
3. Fostering Local Innovation – Encouraging homegrown AI solutions tailored to specific regional needs.
4. Establishing Regulatory Frameworks – Ensuring ethical use of AI while mitigating risks.
5. Addressing Energy-Related Challenges – Closing gaps in infrastructure to support AI-driven technologies.

“These priorities are crucial for emerging economies to maximize the transformative power of AI,” he emphasized.

AI as a Catalyst for Economic Transformation

Dr. Opoku-Afari highlighted how AI is driving productivity and systemic transformation across various sectors. In Ghana, AI is already reshaping industries:

• Digital Banking: AI-enabled platforms are simplifying credit scoring, allowing small and medium enterprises (SMEs) to secure financing.
• Agriculture: Start-ups like Farmerline leverage AI-powered platforms to provide farmers with weather forecasts, market price insights, and funding opportunities.
• Monetary Policy: The BoG employs AI for real-time inflation forecasting, enhancing decision-making and economic planning.

“These examples illustrate the tangible benefits AI can bring to emerging economies like Ghana, positioning it as a catalyst for systemic transformation,” Dr. Opoku-Afari stated.

Challenges in Harnessing AI

Despite AI’s promise, several challenges persist. Dr. Opoku-Afari identified critical barriers, including:

• Digital Divide: Ensuring equitable access to AI technologies.
• Ethical Concerns: Addressing biases and ensuring transparency in AI applications.
• Regulatory Gaps: Developing comprehensive policies to govern AI use.
• Capacity Building: Strengthening skills and expertise in AI-related fields.

Dr. Opoku-Afari concluded by emphasizing the need for collaborative efforts among governments, private sectors, and academia to address these challenges. “While AI holds immense potential, its benefits can only be realized through deliberate and coordinated actions aimed at building the necessary infrastructure and human capacity,” he said.

This underscores the Bank of Ghana’s commitment to fostering innovation while ensuring that the nation is well-prepared to harness the transformative power of AI.