The Bank of Ghana (BoG) has called for stronger data quality, advanced analytics and closer collaboration between researchers and policymakers to improve economic management and decision-making.
First Deputy Governor of the Bank of Ghana, Dr Zakari Mumuni, said effective policymaking depends heavily on the quality, relevance and timeliness of data available to decision-makers.
“Better data. Better decisions. Better outcomes,” he said, describing the three as guiding principles for strengthening Ghana’s statistics and data science ecosystem.
Dr Mumuni was speaking at the 4th Annual Statistics and Data Science Conference 2026, held on the theme, “Innovations in Statistics and Data Science: Research, Practice and Policy Impact.”
Bad Data Produces ‘Sophisticated Garbage’
Dr Mumuni warned that sophisticated economic models cannot compensate for poor-quality data, stressing that credible policymaking must begin with accurate and properly validated information from the field.
He said BoG researchers routinely monitor prices across the country and conduct business and consumer confidence surveys to provide the Monetary Policy Committee (MPC) with a broader picture of economic conditions beyond Accra.
“No model rescues a forecast built on a thin foundation,” he cautioned.
With artificial intelligence increasingly being used to process vast volumes of information, Dr Mumuni said ensuring the integrity of underlying data had become even more critical.
“Garbage in, garbage out. In the age of AI: Bad data in, very sophisticated garbage out,” he said.
He therefore called for proper sampling, measurement, validation and metadata, as well as regular rebasing to reflect emerging sectors and changing consumption patterns.
BoG Expands AI, Big Data Use
Dr Mumuni said the central bank is increasingly leveraging technology to close information gaps and strengthen policymaking.
He cited the BoG’s e-Inflation nowcasting tool, machine-learning models for GDP forecasting and text-mining analytics that complement traditional econometric models.
According to him, technology is also transforming financial-sector supervision by providing more granular data and enabling the early detection of emerging risks.
“What technology should do is close the gap between when something happens and when a policymaker knows about it,” he said.
He noted that digital payments, tax data and satellite imagery could provide early indications of changes in consumer spending, business activity and agriculture.
However, Dr Mumuni cautioned against treating technology as a substitute for human judgement.
“Technology can strengthen our intelligence, but it does not remove the need for human judgment. People make policy,” he stressed.
Research Must Influence Policy
Dr Mumuni said the ultimate test of statistics and data science should not be the volume of data generated or the sophistication of models, but the quality of decisions they help policymakers make.
He called for stronger collaboration among statisticians, economists, data scientists and policymakers, as well as deeper partnerships between universities, the Bank of Ghana and the Ghana Statistical Service.
“Research should not only be about policy. It should increasingly be conducted with policy,” he said.
Three Priorities
The First Deputy Governor outlined three priorities for strengthening Ghana’s data ecosystem: investing in data quality, embracing high-frequency and alternative data without compromising standards, and ensuring that research addresses real institutional and policy questions.
He stressed that emerging data sources should complement rather than replace nationally representative statistics.
“Statistics helps us measure reality. Data science helps us interrogate it. When these come together, data becomes intelligence,” Dr Mumuni said.
