Ghana integrates AI into economic forecasting and national strategy

Ghana is implementing a dual-track approach to artificial intelligence, focusing on both central bank economic forecasting and a national economic strategy. The Bank of Ghana has deployed AI and machine-learning technologies to enhance its ability to predict inflation and Gross Domestic Product (GDP). First Deputy Governor Dr. Zakari Mumuni highlighted the use of an electronic inflation nowcasting methodology known as ‘e-Inflation’ and text-mining analytics to provide more timely, actionable intelligence for monetary policy.

While the central bank utilizes these tools to close information gaps, the broader National AI Strategy (2025–2035) aims for a GH₵500 billion economic impact. However, analysts have raised concerns regarding the ‘AI Layoff Trap,’ noting that the strategy lacks specific provisions for workforce transitions, retraining programs, or social safety nets for workers displaced by automation. There is a noted risk that widespread corporate automation could contract the consumer class, potentially undermining the very economic growth the strategy seeks to achieve.