BoG Drafts New Directive to Regulate AI Use in Ghana’s Financial Sector

The Bank of Ghana (BoG) is developing a regulatory directive to guide the use of artificial intelligence (AI) in the financial sector, aiming to balance innovation with emerging risks as digitalisation accelerates.

Governor Dr Johnson Pandit Asiama, speaking at the 43rd Annual General Meeting of the Ghana Association of Banks in Accra on Thursday, October 10, said AI presents significant opportunities for improving credit assessment, fraud detection, customer service, risk management and operational efficiency.

He cautioned, however, that the technology also introduces risks related to data quality, model reliability, cybersecurity and consumer protection.

“Our approach will seek to promote responsible experimentation and innovation while ensuring appropriate governance throughout the AI lifecycle,” Dr Asiama said.

He noted that while digitalisation has enhanced efficiency, convenience and financial inclusion, it has also created new channels through which risks can emerge. Cybersecurity, digital fraud, data protection, third‑party dependencies and cloud computing are among the areas receiving heightened supervisory attention.

Dr Asiama said the BoG continues to collaborate with the Ghana Association of Banks and industry stakeholders to implement its revised Cyber and Information Security Directive. The Bank will also undertake thematic reviews to assess compliance with the updated framework.

He urged bank boards and senior management to treat cybersecurity and operational resilience as core business risks rather than mere technology concerns, stressing that regulatory and supervisory frameworks must evolve alongside technological change and increasingly interconnected financial risks.

The Governor called on banks to strengthen risk‑management cultures and build sustainable business models to ensure that innovation contributes to a resilient financial sector.

Source: GNA