IMF To Be One Of Ghana’s Major Partners In The World To Fund AI Projects

Dr Mohammed Amin Adam

Ghana’s Minister for Finance, Dr Mohammed Amin Adam, has indicated the country’s commitment to working closely with other African countries and development partners across the world to fund Artificial Intelligence (AI) projects.

“Ghana, and several other African countries are looking to collaborate with development partners such as the IMF, World Bank and the African Development Bank (AfDB) among others to provide funding, technical and implementation support for AI projects as well as the development of national AI strategies tailored to our unique needs,” he said.

He said the effort is to ensure that the Continent took advantage of the numerous opportunities presented by AI to drive sustainable development and economic growth.

He said this in the light of artificial intelligence being noted to contribute up to US$15.7 trillion to the global economy by 2030, of which US$1.2 trillion could be generated in Africa, thereby making AI one of the biggest economic opportunities available to the Continent.

The Minister said these in a welcome address at an AI Conference in Accra on Monday, 18th March, 2024, on the theme, “AI as a catalyst to transform economies in Sub-Saharan Africa.”

The conference was organised jointly by the Ministry of Finance, Ministry of Communications and Digitalisation, and the International Monetary Fund (IMF), as part of the IMF Managing Director of visit to Ghana.

Recognising that AI systems are fully under the control and responsibility of their owners or users, the Hon Minister said:

“we will aim to incorporate accountability, responsibility, and transparency principles and push for stronger and ethical regulation of AI systems.”

He called on governments, the private sector, development partners and academia, to continue to prioritise working together in a growing world of AI.

Doing so, he said would ensure the continent unlocks an independent, wealthy future for Africa where technology removes the obstacles that preclude its people, and help nations to realise their economic potentials to the fullest.

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The Minister for Communications and Digitalisation, Ursula Owusu-Ekuful, also underscored the power of AI in transforming societies, urging African governments to invest more to provide connectivity across the continent.

In Ghana, the Minister said several initiatives, including a digitised national identity card (Ghana card), digital addressing system had been developed, while fibre connectivity had also been extended.

On her part, Ms Kristalina Georgieva, the Managing Director of the IMF asked African governments to embrace and integrate AI effectively in various fields to ensure quick economic development and resilience.

“It (AI) can be the big bang that allows us to live longer, healthier, better educated, [and] more productive lives. We face, urgently, the necessity to embrace AI, and make the best out of it,” she said.

Credit: Ministry Of Finance, Ghana

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