The Ministry of Finance and the International Monetary Fund (IMF) will, on Monday, March 18, 2024, host an Artificial Intelligence (AI) summit in Accra to unravel the challenges and opportunities AI poses for developing countries such as Ghana.

Financial and information technology experts say the potential of Artificial Intelligence (AI) to transform economies in Africa exist and opportunities abound.

However, they believe that AI could pose challenges for economic growth and development in countries south of the Sahara, given the unique characteristics of the continent, including its young population.

AI potential impact

According to recent IMF research on the impact of AI on the labor markets, about 40% of jobs in emerging markets and developing economies (EMDEs) will be impacted by AI, and 26 percent of jobs in low-income countries are likely to be affected by AI.

But while the risk of immediate AI-related disruptions may be lower in EMDEs than in advanced economies where 60% of jobs could be affected, EMDES are also less equipped to harness the benefits of AI effectively.

Participation

The AI summit, which would be held at the Kempinski Hotel in Accra, under the theme "AI as a Catalyst to Transform Economies in Sub-Saharan Africa, would have the Minister for Finance, Dr. Mohammed Amin Adam and Madam Kristalina Georgieva, Managing Director of IMF participating.

Panel discussion

There will also be a panel discussion that will take a look at the challenges and opportunities that Artificial Intelligence (AI) presents for emerging economies, particularly focusing on Ghana’s digitalization and AI readiness.

The discussion will also aim at exploring strategies for harnessing AI for positive outcomes, examining its role in the 4th industrial revolution alongside technologies like cloud computing and the internet.

The panel will include Ursula Owusu-Ekuful, the Minister for Communications & Digitalisation; Madam Kristalina Georgieva, Managing Director of the International Monetary Fund; Dr Patrick Awuah, President of the Ashesi University, and Dr Jason Hickey, Head of Google’s AI Research Centre.