"Finance Ministry to adopt AI in budget automation, real-time expenditure tracking

" Finance Ministry to adopt AI in budget automation, real-time expenditure tracking - Amin Adam \r\n\r\nFinance Minister Mohammed Amin Adam has articulated Ghana's commitment to harnessing the transformative power of artificial intelligence (AI) in public financial management.\r\n\r\nSpeaking at the AI Conference hosted by the Finance Ministry and the IMF under the theme \"AI As a Catalyst to Transform Economies in Sub-Saharan Africa,\"\u00a0 he outlined ambitious plans to deploy AI technologies for automated budgeting, predictive revenue forecasting, and real-time expenditure tracking, signaling a strategic shift towards innovation-driven governance.\r\n\r\n\"The Ministry of Finance is also exploring how to leverage AI in public financial management through automated budgeting, predictive revenue forecasting, and real-time expenditure tracking,\" he posited.\r\n\r\nMinister Adam underscored Ghana's collaborative approach, highlighting partnerships with development institutions such as the IMF, World Bank, and African Development Bank to secure funding and technical support for AI projects. He emphasized the importance of tailoring national AI strategies to meet Ghana's unique socio-economic needs while leveraging external expertise and resources.\r\n\r\nEchoing Ghana's vision for AI integration, Minister Adam emphasized the broader objective of empowering citizens and fostering self-sufficiency and prosperity. He cited Ghana's track record of pragmatic innovations, including the Ghana card, mobile money interoperability, digital addressing system, and the Ghana.gov platform, as testament to the country's readiness to embrace technological advancements for inclusive development.\r\n\r\n\"We want to leverage AI to harness the ingenuity and talent of our people so we can build a self-sufficient, safe, and prosperous society capable of delivering jobs and a dignified future for our people,\" he quipped.\r\n\r\nHighlighting the economic potential of AI, Minister Adam cited forecasts projecting AI's contribution to the global economy to reach $15.7 trillion by 2030, with Africa poised to generate $1.2 trillion of that total. He underscored the World Bank's estimation that AI could drive a 14% increase in global GDP by 2030, with Sub-Saharan Africa positioned for significant gains.\r\n\r\nIn addressing the ethical dimensions of AI deployment, Minister Adam emphasized the importance of accountability, responsibility, and transparency in AI governance. He pledged Ghana's commitment to incorporating these principles into regulatory frameworks to ensure the ethical and responsible use of AI technologies.\r\n\r\n\"We are cognizant of the fact that as tools, AI systems are fully under the control and responsibility of their owners or users. As such, we will aim to incorporate accountability, responsibility, and transparency principles and push for stronger and ethical regulation of AI systems,\" he remarked."

"Finance Ministry to adopt AI in budget automation, real-time expenditure tracking

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