BoG Highlights AI’s Transformative Potential at Emerging Economies Conference

First Deputy Governor of the Bank of Ghana (BoG), Dr. Maxwell Opoku-Afari, has noted the transformative potential of artificial intelligence (AI) in driving productivity and fostering economic growth in emerging economies. Speaking at the Second Emerging Countries International Conference on Business, Finance, and Economics, Dr. Opoku-Afari emphasized that AI has the power to revolutionize industries, enhance decision-making, and accelerate economic development.

Dr. Opoku-Afari underscored AI’s impact across critical sectors such as agriculture, healthcare, education, and finance, citing examples of Ghanaian startups leveraging AI to increase farming productivity, streamline healthcare supply chains, and promote financial inclusion. “In the financial sector, AI-driven tools are simplifying credit scoring, enabling small and medium enterprises (SMEs) to access much-needed financing,” he noted. Similarly, AI applications in agriculture, including weather prediction platforms and drone technology, are enhancing crop yields and optimizing resource use. He also highlighted the Bank of Ghana’s adoption of AI to support monetary policy, using AI to generate real-time inflation forecasts by analyzing price data from online platforms.

While acknowledging AI’s potential, Dr. Opoku-Afari outlined the significant challenges faced by developing countries in adopting the technology, including unreliable electricity and internet infrastructure, limited access to digital tools and education, and a shortage of skilled AI professionals. He also raised ethical concerns such as bias in AI algorithms, data privacy issues, and the potential for job displacement, emphasizing the need for robust regulatory frameworks to address these challenges and ensure ethical AI deployment.

To overcome these barriers, Dr. Opoku-Afari proposed several measures: investments in digital infrastructure to improve access to reliable electricity and internet connectivity; capacity building initiatives to develop a pool of skilled AI professionals; fostering local innovation by supporting startups and research in AI applications tailored to local needs; and promoting collaboration among governments, academia, and the private sector to create an enabling environment for AI adoption. He further emphasized the importance of crafting policies that ensure AI’s benefits are equitably distributed and aligned with each country’s unique development goals.

Dr. Opoku-Afari pointed out that AI could add over $15 trillion to the global economy by 2030, offering emerging economies a unique opportunity to leapfrog traditional development pathways. He called for reforms, policy alignment, and educational shifts to prepare a digitally skilled workforce capable of thriving in an AI-driven world. Concluding his remarks, he underscored AI’s role as a catalyst for systemic transformation, urging stakeholders to act decisively to harness its potential for inclusive and sustainable growth. “AI is not just a tool; it is a catalyst for economic transformation. The time to act is now,” he stressed.