The Bank of Ghana (BoG) has announced plans to issue a directive that will regulate the use of artificial intelligence (AI) across the country’s financial services industry. The move is part of the central bank’s broader effort to strengthen regulatory and supervisory frameworks as digitalisation reshapes banking and finance.
Governor Dr Johnson Pandit Asiama explained that AI can improve credit assessment, fraud detection, customer service, risk management and operational efficiency. However, he warned that the technology also brings new challenges, including data quality issues, model risk, cybersecurity threats and consumer protection concerns.
Speaking at the 43rd Annual General Meeting of the Ghana Association of Banks in Accra on Thursday, October 10, the governor said the proposed directive would encourage responsible experimentation while ensuring robust governance throughout the AI lifecycle. He highlighted that digitalisation has boosted efficiency, convenience and financial inclusion, but has also opened fresh channels for risk.
Key areas of supervisory focus will include cybersecurity, digital fraud, data protection, third‑party dependencies and cloud computing. The BoG will continue to work with banks and industry players on the implementation of its revised Cyber and Information Security Directive, and will conduct thematic reviews to assess progress.
Governor Asiama urged bank boards and senior management to treat cybersecurity and operational resilience as core business risks, not merely technology issues. He stressed that regulatory frameworks must evolve alongside technological change to manage increasingly interconnected financial risks.
He called on banks to build strong risk‑management cultures and sustainable business models so that innovation supports a resilient financial sector. The directive is expected to be rolled out in the coming months, with ongoing dialogue between the BoG and the banking community.
