Dr. Johnson Pandit Asiama
The Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has stated that high-quality, accurate and timely data is critical in the formulation of effective monetary policy and regulation of the financial sector.
Speaking at the launch of the maiden edition of the Ghana in Numbers 2025 Report, he said the Bank of Ghana relied on accurate data and rigorous economic research to guide its policy decisions, inflation trends and the relationship between inflation, exchange rates, economic activity, credit conditions and external developments.
“At the Bank of Ghana, we recognise that effective monetary policy and financial-sector regulation depend fundamentally on the quality of the data available to us,” he stated.
He explained that as an inflation-targeting central bank, the Bank’s decisions were forward-looking and data-driven, requiring accurate and timely statistics supported by sound analytical frameworks.
According to him, reliable statistics went beyond informing policy decisions, as they also strengthened transparency, enhanced accountability and promoted public confidence in public institutions.
He said such data also helped businesses and investors assess economic conditions, manage risks and make informed investment decisions.
He said information on inflation, interest rates, credit to businesses and households, foreign reserves and banking-sector conditions provided a clearer understanding of Ghana’s economic and financial environment.
On improving access to official statistics, he called for the establishment of a dedicated electronic portal to make the underlying data in the report available in accessible and machine-readable formats.
The platform, he explained would allow researchers, academics, policymakers and other users to apply artificial intelligence (AI), machine learning and other advanced analytical tools to examine the data and identify patterns and relationships that might not be readily apparent in published tables and charts.
The Bank of Ghana, he said, was also strengthening its institutional capacity in data analytics through the establishment of a Data Analytics and Artificial Intelligence Department adding that that the central bank was developing a directive to regulate the use of artificial intelligence in the financial sector to encourage innovation while addressing emerging risks.
By Ebenezer K. Amponsah