IMF/World Bank Annual Meetings: Africa must help shape global AI rules – BoG Governor

Dr Johnson Asiama, the Bank of Ghana (BoG) Governor, has called upon the International Monetary Fund (IMF) to enhance its backing for Africa's digital revolution and secure a more prominent role for the continent in shaping worldwide digital regulations. In an address during the African Caucus Meeting at the IMF/World Bank Annual Meetings, Dr Asiama emphasized the necessity of practical assistance for developing AI governance systems, supervisory technology, cybersecurity, and digital risk management frameworks.

He argued that this would enable Africa not only to leverage AI but also to adapt, regulate, and innovate with it for resilience and inclusive growth.

Dr Asiama made this plea during the second round of a governors' meeting on Africa's digital sovereignty and AI for structural transformation, which took place alongside the IMF/World Bank Annual Meetings. He urged the IMF to delve deeper into the connections between AI, digital transformation, and macro-financial stability. This should involve incorporating pertinent AI concerns into the Fund's oversight work and Financial Sector Assessment Programmes (FSAPs), while evaluating their impacts on productivity, employment, financial resilience, and inclusive growth.

The Governor also advocated for enhanced policy coordination on data governance, digital trade, and cross-border AI regulation. He urged the IMF to facilitate accessible financing for secure digital public infrastructure and efforts to bridge the digital divide. Dr Asiama stressed that the responsible use of AI is crucial for advancing Africa's structural transformation, economic resilience, and long-term development.

He noted that AI is already transforming productivity, competitiveness, governance, and finance. Africa has made significant strides in digital payments, ID systems, AI-enabled financial services, and fintech. However, he cautioned that shortcomings in regulatory capability, cybersecurity, infrastructure, and financing continue to impede the safe and inclusive use of these technologies.

He warned that Africa risks falling further behind without urgent, coordinated action, stressing that a stronger partnership with the IMF is essential.