ACCRA, Aug. 27– Ghana’s central bank has adopted artificial intelligence (AI) and big data technologies to aid policy formulation and decision-making, according to First Deputy Governor of the Bank of Ghana Zakari Mumuni.
Mumuni said on Wednesday during the Fourth Annual Statistics and Data Science Conference in Tamale, the capital of Ghana’s Northern Region, that the new technology would help the central bank develop its in-house electronic inflation (e-inflation) nowcasting methodology.
“We also employ machine-learning models to complement standard econometric models in forecasting GDP and performing text-mining analytics,” the deputy governor said, adding that the bank also employs technology to accelerate banking supervision. Mumuni said the bank continues to strengthen its capacity in artificial intelligence, data analytics, and virtual assets.
According to him, this approach aligns with the pledge made by Bank of Ghana Governor Johnson Asiama in February 2025 that the central bank would adopt a more proactive and precise approach to managing inflation by “leveraging advanced data analytics and artificial intelligence.” (Namibia Daily News / Xinhua)
