The Bank of Ghana (BoG) is developing a new directive to regulate the use of artificial intelligence (AI) in the financial sector as part of efforts to promote responsible innovation and address emerging technological risks.
The proposed directive is expected to provide a regulatory framework for the adoption and use of AI by financial institutions, particularly in areas such as credit assessment, fraud detection, customer service and risk management.
Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, disclosed this at the 43rd Annual General Meeting of the Ghana Association of Banks in Accra on Thursday.
According to him, although AI presents significant opportunities to improve efficiency and financial services, its growing adoption also raises concerns about data quality, cybersecurity, consumer protection and the risks associated with AI models.
“Our approach will seek to promote responsible experimentation and innovation while ensuring appropriate governance throughout the AI lifecycle,” Dr Asiama said.
He explained that the proposed directive forms part of the Central Bank’s broader efforts to strengthen oversight of the financial sector as banks increasingly adopt digital technologies.
The Governor acknowledged that digitalisation had improved access to financial services, convenience and operational efficiency but warned that it had also introduced new vulnerabilities.
He identified cybersecurity, digital fraud, data protection, reliance on third-party service providers and cloud computing as key areas requiring greater regulatory attention.
Dr Asiama further disclosed that the Bank was working with the Ghana Association of Banks and other industry stakeholders to support the implementation of its revised Cyber and Information Security Directive.
As part of its supervisory activities, the Central Bank also plans to conduct thematic reviews to assess how financial institutions are implementing the revised cybersecurity requirements.
The Governor urged boards and senior management of banks to treat cybersecurity and operational resilience as major business risks rather than responsibilities limited to their information technology departments.
He stressed that financial institutions must strengthen their internal governance, risk management and oversight arrangements to respond effectively to emerging technological threats.
Dr Asiama also called for continuous improvements in regulatory and supervisory frameworks to keep pace with technological developments and the increasing interconnectedness of financial systems.
He maintained that responsible innovation, supported by effective regulation and sound risk management, would be essential to building a resilient and sustainable financial sector in Ghana.
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