Ghana’s banking sector urged to embrace AI, technology to remain competitive

Ghana’s banking industry has been urged to leverage emerging technologies, particularly artificial intelligence (AI), to strengthen operations, improve customer confidence and remain competitive in the rapidly evolving financial landscape.

The call was made by the Minister of Education, Haruna Iddrisu, at the 2026 Ghana Banking Conference organised by the Chartered Institute of Bankers, Ghana, under the theme “Banking on the Future: Trust, Technology and Transformation.”

Mr Iddrisu said the current macroeconomic stability presents an opportunity for the banking sector to reposition itself and support the country’s broader economic transformation.

He stressed the need for financial institutions to take advantage of technological advancements while ensuring that innovation translates into improved services and greater financial inclusion.

He also called for stronger financial literacy, particularly at the basic education level, to equip young people with the knowledge to make informed financial decisions.

President of the Chartered Institute of Bankers, Ghana, Dr Ellen Ohene-Afoakwa, said the rapid changes in the banking industry make it necessary for professionals to continuously upgrade their skills to remain relevant.

She explained that the conference was designed to equip bankers with the knowledge and competencies required to respond to emerging developments in the sector.

According to her, the institute is prioritising professional development, ethical conduct and technological advancement to prepare members for the future.

She said, “We need to ensure that our members have the skill sets for their future,” adding that the profession must remain relevant as technology continues to reshape banking operations.

Chief Executive of the Institute, Robert Dzato, also emphasised the importance of trust in sustaining the banking industry, describing character, competence and conduct as essential foundations of confidence in financial institutions.

He said banks must work with other stakeholders to address emerging risks, particularly fraud and cybersecurity threats.

“The business of banking is fast. It is the currency in banking, and that trust comes from character, competence and conduct of bankers,” he stated.

Mr Dzato further disclosed that the institute intends to submit proposals to government to review the Chartered Institute of Bankers Act, 2019, to reflect developments in the financial services industry.

He explained that the existing legislation focuses largely on regulating chartered bankers, although the banking industry has expanded beyond traditional banking practices.

He said the proposed review would broaden the institute's scope to strengthen professional development, ethical standards and sustainability within the sector.

Mr Dzato added that the institute would also present its recommendations to relevant policymakers as government prepares the 2027 Budget.

Meanwhile, Chief Marketing and Operations Officer at Npontu Technologies, Deborah Asmah, warned that banks risk losing significant business opportunities if they fail to adapt to emerging technologies, particularly tokenisation and artificial intelligence.

She said financial institutions must move beyond discussions about technological advancement and begin integrating emerging solutions into their operations.

“The banks cannot afford to cede the space as happened with mobile money,” she cautioned, urging financial institutions to build the necessary infrastructure and knowledge base to participate in the emerging tokenised economy.

She noted that artificial intelligence presents both opportunities and risks for banks, particularly in fraud detection and cybersecurity.

According to her, financial institutions must also recognise that significant transactions are taking place outside traditional banking channels, creating new competition for established banks.

Ms Asmah therefore urged banks to take advantage of regulatory opportunities, training and partnerships to protect their market position.

The 2026 Ghana Banking Conference brought together banking professionals, policymakers, regulators and industry experts to deliberate on the future of financial services, with discussions focusing on artificial intelligence, cybersecurity, virtual assets, stablecoins, tokenisation, digital transformation and ethical leadership.