Ghana’s central bank develops AI rules for finance

The Bank of Ghana is developing a directive on the use of artificial intelligence in the financial sector.[1] The proposed directive is intended to regulate that use while promoting innovation and addressing emerging risks.[2] Asiama said the Bank’s approach would support responsible experimentation and innovation.[1] The evidence describes the measure as proposed and in development; it does not establish that the directive has taken effect.[1][2]

Asiama said AI introduces risks involving data quality and model risk.[1] He also identified cybersecurity and consumer-protection risks.[1] Those concerns sit alongside the Bank’s increasing supervisory attention to cybersecurity, digital fraud, data protection, third-party dependencies and cloud computing.[1] For financial-sector teams assessing AI use, the listed areas offer a grounded set of issues to consider, rather than evidence of specific controls or requirements already in force.[1]

Asiama said digitalisation had improved efficiency, convenience and financial inclusion, while also creating new channels through which risks could emerge.[1] The proposed AI directive forms part of the Bank’s broader effort to strengthen regulatory and supervisory frameworks as financial services digitalise.[3] Asiama said those frameworks must keep evolving as technology changes and financial risks become more interconnected.[3] This frames the proposal as part of wider supervisory work, not as a standalone statement about a particular AI application.[3]

Asiama said the proposed approach would require appropriate governance throughout the AI lifecycle.[1] He urged bank boards and senior management to treat cybersecurity and operational resilience as core business risks, not merely technology issues.[1] The Bank has said ultimate responsibility lies with boards, management and the institutions themselves.[1] Asiama also called on banks to build strong risk-management cultures and sustainable business models.[3] Together, those statements place responsibility at the institutional level while the directive is being developed.[1][3]