Quality data key to better decisions, national development – BoG Deputy Governor
The quality of data available to policymakers remains critical to Ghana’s ability to make sound decisions, manage the economy effectively and accelerate national development, the First Deputy Governor of the Bank of Ghana (BoG), Dr Zakari Mumuni, has said. He said as the country entered an era of artificial intelligence and big data, the focus … The post Quality data key to better decisions,…
Dr Zakari Mumuni, First Deputy Governor of the Bank of Ghana, emphasized the critical importance of high-quality data for Ghana's economic decision-making and development during the 4th Annual Statistics and Data Science Conference of the Ghana Statistical Association in Tamale. He stressed that in an era of artificial intelligence and big data, policymakers must focus on collecting accurate, reliable, relevant, and purposeful data, rather than merely amassing large volumes.
Dr Mumuni urged the Ghana Statistical Service, researchers, and related institutions to prioritize data quality, stating that "everything else depends upon it." He cautioned that even advanced technologies could not generate reliable information from poor data, highlighting the "garbage in, garbage out" principle. The Bank of Ghana's Research Department conducts price monitoring and surveys to ensure monetary policy decisions reflect economic conditions nationwide, including in Tamale.
Dr Mumuni called for responsible use of high-frequency and alternative data, such as digital payments and satellite imagery, while maintaining statistical standards and confidentiality. He advocated for stronger collaboration between academia, researchers, and public institutions, emphasizing that the true measure of statistics and data science lies in their impact on people and the economy.
Dr Mumuni concluded by urging the statistics and data science community to strive for "better data, better decisions, and better outcomes."
Written by urgent.news from Ghanaian Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
