This international conference was held in partnership with the University of Mauritius’ Faculty of Law and Management at the University of Ghana Business School auditorium.
Dr. Maxwell Opoku Afari, the first Deputy Governor of the Bank of Ghana, covered four main topics in his keynote address, one of which was the dramatic change in the technological landscape brought about by rapid advancements in artificial intelligence (AI).
Stellenbosch University’s Faculty of Economic and Management Science conducts research at the Bank of Ghana and offers an example of how AI has impacted their work.
Dr. Maxwell Opoku-Afari spoke at the 2nd Emerging Countries International Conference about the relationship between artificial intelligence, productivity, and growth in emerging markets.
He claims that “The Intersection Between AI, Productivity and Growth” and how AI affects inflation are closed out by the emerging markets economies, which he considers a second-order symposium.
As a result, the world economy is gradually changing and presents previously unheard-of chances to boost economic growth and productivity. He did, however, explore the difficulties in reducing the risks associated with AI.
Prior to the challenges, Dr. Maxwell Opoku-Afari discussed how AI can help monetary policy that is being developed by transforming productivity and spurring growth.
“The past decade has witnessed adoption of AI and what countries in the Sub-Region must do in terms of policy measures to mitigate the risks posed by AI, I will touch on the role of AI in supporting monetary policy significant shifts in the technological space driven by rapid advancements in Artificial Intelligence”.
With its ability to streamline credit scoring and make it easier for SMEs to obtain much-needed financing, artificial intelligence (AI) is revolutionizing the global economy, productivity, healthcare, manufacturing, education, transportation, and energy. This has sparked important conversations about the impact AI will have on society.
Dr. Maxwell Opoku-Afari stressed in his speech that artificial intelligence (AI) is here to stay, citing the Ghanaian company mPharma as an example of how AI algorithms are being used to make predictions.
According to AI predictions, jobs will likely be replaced by AI in the coming years. It encourages job creation and increases entrepreneurial activity.
Between 2022 and 2024, AI had a big impact on a lot of different industries, which led to funding and innovation. Drones powered by AI are also assisting in crop health monitoring and economic optimization. AI-powered platforms that give farmers access to weather forecasts, market prices, and decision-making tools are revolutionizing the finance, healthcare, manufacturing, and agricultural sectors.
Innovations like precision and early diagnostics are made possible by it. Evidence suggests that by increasing efficiency and personalization, artificial intelligence has a significant economic impact on a number of industries, including education, transportation, and energy.
AI is being used in the healthcare industry to fill important workforce and infrastructure shortages. It is now a catalyst for systemic change rather than merely a trendy term. AI is expected to support human labor in many of the cases that have been studied.
“Today, there is no issue of whether AI will shape our future; it already boosts irrigation practices, significantly boosting productivity. It also comes with early diagnostics, precision farming, and autonomous systems. In Ghana, Startups like Farmerline, use AI sectors by enhancing efficiency, personalization, and decision-making. It enables energy grids among interesting outcomes, embrace its positive impact on the economy and helps to shape our future. AI is driving innovation and reshaping industries globally. AI is bringing major transformations”, Dr MaxwellOpoku-Afari said.
In the financial sector, AI-driven fintech solutions are promoting financial inclusion including transactions for small and medium enterprises (SMEs).
In the education sector, intelligent tutoring systems are addressing teacher shortages by providing personalized learning experiences. In Uganda, AI is facilitating access to legal where medical professionals are scarce. Such innovations not only save lives but also optimize healthcare delivery systems drugs are available when and where they are needed. AI tools are also being used to education for rural communities, empowering citizens who previously lacked resources.
“The Bank of Ghana’s AI has been employed to help with forecasting. The bank’s AI generated inflation provides the outfit with making, improving forecasting and optimizing policy implementation”.
“In the area of economic interactions for decision making, AI can be exploited in enhancing decisions, help identify potential risks and vulnerabilities in the financial system and finally help term forecasts. Through the development of algorithms and creation of crawlers, AI has also helped in supporting various works including the jurisdictions”.
Without robust regulations, AI could exacerbate existing inequalities or be misused. The gap is critical to ensuring that AI benefits are equitably distributed.
“Many emerging countries lack the necessary infrastructure or skilled workforces to harness the benefits of AI. Therefore, necessary data infrastructure and quality data are needed to train and deploy AI models”.
“In conclusion, let me reiterate that the intersection between AI, productivity, and growth in time in agriculture, health, education, financial sector, and governance. Emerging countries presents a unique opportunity to accelerate economic development and brought together key stakeholders in this area to not only to look at trends in the adoption”.
“Let me say that the AI picture evolving is not a bad one. By 2030, AI is expected to contribute over $15 trillion to the global economy. While much of this growth is predicted to occur in advancing adequate regulatory frameworks to optimize benefits from increased AI use”. Dr. Maxwell Opoku-Afari ended his speech.
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