In a keynote address, Bank of Ghana First Deputy Governor Zakari Mumuni described how the central bank is using artificial intelligence, big data and machine learning to support monetary policy and financial supervision. These tools include an in-house electronic inflation nowcasting methodology, machine-learning models that complement conventional forecasts of gross domestic product and text-mining analytics, as well as increasingly granular supervisory data that can be validated on arrival to identify risks earlier. Mumuni emphasized that technology should strengthen rather than replace human judgment and must rest on reliable, well-governed data. He called for continued investment in data quality, the responsible use of high-frequency and alternative sources alongside nationally representative measures, and closer collaboration between researchers and policymakers.
2026-08-26Bank of Ghana
Bank of Ghana outlines AI and big data use in inflation nowcasting, forecasting and supervision
Bank of Ghana First Deputy Governor Zakari Mumuni outlined the central bank’s use of AI, big data and machine learning in inflation nowcasting, economic forecasting and financial supervision. He stressed that these tools must complement human judgment and be supported by strong data quality, governance and statistical standards.