ROLE OF ARTIFICIAL INTELEGENCE (AI) IN RESHAPING THE BANKING SECTOR IN GHANA: THE GOOD, THE BAD AND THE UGLY

Ghana's banking industry is going through a significant transition as a result of advances in artificial intelligence (AI) technologies. This research sought to outlines the beneficial, negative, and potentially harmful effects of artificial intelligence (AI) on Ghana's banking sector. Improved financial inclusion, simpler processes, and better customer experiences were identified as the "positive" elements of AI implementation in Ghanaian banking. Furthermore, banks now offer their services to marginalized communities thanks to AI-driven solutions, which promotes greater financial inclusion throughout Ghana. However, integrating AI into banking has "bad" effects in addition to these positive ones. Because AI systems require access to large amounts of sensitive customer data, concerns about data privacy and security breaches arise. In addition, the dependence on automated decision-making mechanisms might unintentionally reinforce prejudicial trends found in past data, aggravating problems with inequality and prejudice in the financial services industry. The "ugly" aspects of AI deployment in Ghanaian banking are also evident from the responses received. Since AI systems have a substantial impact on important financial decisions, ethical conundrums of responsibility and transparency arise. AI-driven automation is also posing issues to the workforce by replacing traditional banking professions, which could worsen socioeconomic inequality and unemployment. The results of the study showed that while AI holds immense potential to revolutionize the banking sector in Ghana, its adoption necessitates careful consideration of its broader implications. Mitigating the risks associated with AI implementation while maximizing its benefits requires proactive regulatory frameworks, ethical guidelines, and investments in workforce reskilling. By navigating the complexities of AI integration judiciously, Ghana's banking sector can harness its transformative power to drive sustainable growth and equitable development.