32.2 C
Accra

Finance Ministry to Adopt AI in Budget Automation, Predictive Revenue Forecasting, says Amin Adam

Speaking at the AI Conference co-hosted between the Ministry and the International Monetary Fund (IMF) in Accra, Mr. Adam said the new plans are aimed at enhancing efficiency and transparency in fiscal operations.

The Minister for Finance, Mohammed Amin Adam has announced intentions to integrate artificial intelligence (AI) technologies for automated budgeting, and other financial management tasks, as part of a strategic shift towards harnessing the transformative power of  AI.

Speaking at the AI Conference co-hosted between the Ministry and the International Monetary Fund (IMF) in Accra, Mr. Adam said the new plans are aimed at enhancing efficiency and transparency in fiscal operations.

“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 said in his address at the event.

- Advertisement -

The Minister also said the government has plans to engage international financial institutions and have them fund and support AI projects, although it’s yet unclear which projects the government is targeting.

While the use of AI, particularly with generative AI tools like ChatGPT has recently attracted legislation in the EU, Amin Adam said “we will aim to incorporate accountability, responsibility, and transparency principles and push for stronger and ethical regulation of AI systems.”

While you're here, we just want to remind you of our commitment to telling the stories that matter the most.Our commitment is to our readers first before anything else.

Our Picks

THE LATEST

INSIDE POLITICS

Get the Stories Right in Your Inbox

MORE NEWS FOR YOU