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CEO Summit: Government to explore AI in business development – Abena Osei-Asare

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The Minister of State at the Finance Ministry, Abena Osei Asare, announced that the government will investigate the role of artificial intelligence (AI) in business development.

The goal, she said was to establish support systems that enable businesses to adopt AI and flourish.

She made this statement at the 8th Ghana CEO Summit, which was themed “Reigniting Business and Economic Growth: Charting a Path Forward.”

Artificial intelligence, or AI, is technology that enables computers and machines to simulate human intelligence and problem-solving capabilities. AI is expected to become a $15.7 trillion industry by 2030, increase productivity by 40%, and raise the GDP of local economies by 26%.

She stated that the government plans to invest around GHS 3 billion into the real sectors of the economy to support SMEs and stimulate economic growth.

Discussing developments in the Ghanaian economy, Ms. Osei-Asare noted that with IMF support and the implementation of the government’s PC-PEG program, Ghana has seen an increase in its GDP rate.

Additionally, she mentioned that, as a result of the IMF program and the government’s fiscal consolidation efforts, exchange rates have stabilized over the years. Inflation has decreased, the risk of debt accumulation has lessened, and interest rates are declining.

Preliminary fiscal data for the first quarter of 2024 revealed a primary deficit of 0.6% of GDP, exceeding the deficit target of 0.2% of GDP.

This was mainly because some of the revenue measures approved for the 2024 Budget faced implementation delays.

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