The Bank of Ghana (BoG) is developing a directive to regulate the use of artificial intelligence (AI) in the country’s financial sector, Governor Dr Johnson Pandit Asiama has announced. He disclosed this on Thursday at the 43rd Annual General Meeting (AGM) of the Ghana Association of Banks in Accra.
According to the Governor, the AI directive is meant to promote innovation in banking and finance while addressing the new risks that come with the technology.
The announcement, reported by the Ghana News Agency (GNA) and carried by Citi Newsroom, MyJoyOnline and Adom Online, makes Ghana’s central bank one of the latest regulators to move toward formal rules on how banks and other financial institutions deploy AI tools.
The Governor did not give a release date for the directive or say when it will take effect.
Bank of Ghana AI directive: what the Governor announced
Dr Asiama said AI has the potential to improve key areas of financial services, including credit assessment, fraud detection, customer service, risk management and operational efficiency.
However, he cautioned that the technology also introduces risks linked to data quality, model risk, cybersecurity and consumer protection.
He said the Bank’s approach would encourage “responsible experimentation and innovation” while “ensuring appropriate governance throughout the AI lifecycle.”
AI in Ghana’s banking sector: benefits vs risks
Based on the Governor’s remarks, the BoG sees both opportunities and dangers in AI adoption by banks:
- Potential benefits: better credit assessment, faster fraud detection, improved customer service, stronger risk management and greater operational efficiency.
- Key risks: poor data quality, model risk, cybersecurity threats and consumer protection concerns.
- Regulatory approach: responsible experimentation and innovation, with governance across the full AI lifecycle.
Digital banking risks under BoG supervision
The AI directive forms part of the central bank’s wider effort to strengthen its regulatory and supervisory frameworks as digitalisation reshapes financial services.
Dr Asiama noted that digitalisation has improved efficiency, convenience and financial inclusion, but has also opened new channels for risk.
He listed cybersecurity, digital fraud, data protection, third-party dependencies and cloud computing as areas receiving increasing supervisory attention. The BoG has in recent weeks also stepped up action against digital lenders, naming 20 more unlicensed loan apps as part of its consumer protection drive.
Revised Cyber and Information Security Directive
The Governor said the BoG continues to work with the Ghana Association of Banks and other industry players to implement its revised Cyber and Information Security Directive.
The central bank also plans to conduct thematic reviews to assess how institutions are implementing the revised directive.
Dr Asiama urged bank boards and senior management to “treat cybersecurity and operational resilience as core business risks rather than merely technology issues.”
What the AI directive means for banks and customers
For banks, fintechs and other regulated institutions, the directive signals that AI systems used in lending, fraud monitoring and customer service will come under formal supervisory rules, with governance expected from design to deployment.
For customers, the BoG’s focus on data quality and consumer protection suggests the rules will aim to ensure that automated decisions, such as credit scoring, are reliable and that customer data is safeguarded.
The Governor also called on banks to build strong risk-management cultures and sustainable business models so that innovation supports a resilient financial sector.
What happens next
The Bank of Ghana is expected to finalise the AI directive and issue it to regulated institutions, though no timeline was announced.
Meanwhile, banks can expect thematic reviews on their compliance with the revised Cyber and Information Security Directive. Dr Asiama said regulatory frameworks must keep evolving to match technological change and increasingly interconnected financial risks.
Key details at a glance
- What: Bank of Ghana developing a directive to regulate AI use in the financial sector
- Who announced: BoG Governor Dr Johnson Pandit Asiama
- Where: 43rd Annual General Meeting of the Ghana Association of Banks, Accra
- Aim: Promote innovation while addressing emerging AI risks
- Risks flagged: Data quality, model risk, cybersecurity and consumer protection
- Related action: Thematic reviews of the revised Cyber and Information Security Directive
- Effective date: Not yet announced
FAQs
Is the Bank of Ghana regulating artificial intelligence?
Yes. BoG Governor Dr Johnson Pandit Asiama says the central bank is developing a directive to regulate how AI is used in Ghana’s financial sector.
When will the Bank of Ghana AI directive take effect?
No date has been announced. The Governor said the directive is still being developed.
Why is the Bank of Ghana regulating AI in banking?
The BoG says AI can improve credit assessment, fraud detection and customer service, but also brings risks around data quality, model risk, cybersecurity and consumer protection that need proper governance.
In summary, the Bank of Ghana is preparing its first AI directive for the financial sector, aiming to balance innovation with safeguards on data, models, cybersecurity and consumers. Alongside it, the central bank will review how banks are implementing its revised cyber security rules, as Governor Asiama urges boards to treat digital risks as core business risks.
