Nesting Artificial Intelligence (AI) in the 24-Hour Economic Policy: Some Issues of Concern

Globally, Artificial Intelligence (AI) has demonstrated its transformative potential across various sectors of countries’ economies.

This has significantly enhanced productivity and fostered innovation. AI-driven economic policies have notably boosted the manufacturing sector by reducing downtime and maintenance costs, saving billions for countries annually.

Similarly, China’s “New Generation Artificial Intelligence Development Plan” aims to make the nation a global AI leader by 2030, already boosting GDP by an estimated 26% through AI integration (PwC, 2019).

These examples underscore the substantial economic benefits of AI, highlighting its potential to drive national growth and competitiveness.

In Ghana, the proposed 24-hour economic policy promises an innovative economic revolution.

The proposal should envision an AI-powered economy that aims to enhance productivity, efficiency, and service delivery across different sectors of Ghana.

Within the 24-hour economic policy, for instance, AI can revolutionize healthcare through real-time patient monitoring and predictive analytics, saving billions and improving health outcomes (Accenture, 2021).

In agriculture, AI-driven precision farming could optimize practices and enhance food security, with similar initiatives in India increasing crop yields by 30% (IBM, 2021). The finance sector could benefit from AI-enhanced financial inclusion and stability, potentially adding significant value (Deloitte, 2019).

Public services could also see improvements through AI-driven automation and decision-making, such as in the ports and harbours learning from Estonia’s successful e-Estonia initiative.

A Global Perspective

Globally, AI has been instrumental in shaping economic policies, enhancing productivity, and promoting innovation.

In the United States, AI-driven economic policies have led to significant advancements in sectors such as healthcare, finance, and manufacturing.

For instance, the implementation of AI in predictive maintenance has saved the manufacturing sector billions of dollars annually by reducing downtime and maintenance costs in the USA (McKinsey & Company, 2020).

This demonstrates the transformative impact of AI on operational efficiency and cost-effectiveness, which are crucial elements for economic growth.

Similarly, China’s integration of AI into economic planning has propelled the nation to the forefront of technological innovation.

The “New Generation Artificial Intelligence Development Plan,” launched in 2017, aims to make China a global leader in AI by 2030.

This policy has already resulted in a substantial increase in AI startups and has boosted the country’s GDP by an estimated 26% (PwC, 2019). China’s strategic focus on AI illustrates how national policies can harness technology to drive economic expansion and global competitiveness.

AI and the 24-Hour Economic Policy in Ghana

The NDC’s proposed 24-hour economic policy aims to create a robust, around-the-clock economy, harnessing the power of AI to enhance productivity, efficiency, and service delivery.

With the vision to address several critical areas, including healthcare, agriculture, finance, and public services the policy will be a springboard to Ghana’s economic enhancement and stability.

The policy will position Ghana as yet another model in Africa by multiplying the revenues and GDP rates.

In 24-hour healthcare, AI can revolutionize delivery by enabling real-time patient monitoring, predictive analytics for disease outbreaks, and personalized treatment plans.

According to a study by Accenture (2021), AI applications in healthcare could save the industry $150 billion annually by 2026. This could translate into improved healthcare services in Ghana, ensuring better health outcomes and reducing the burden on the healthcare system.

Agriculture, a vital sector in Ghana, stands to benefit significantly from an AI-driven 24-hour system.

AI can optimize agricultural practices through precision farming, which involves using data analytics to guide planting, fertilization, and harvesting decisions, especially in the wake of heightened climate change.

A case study from India demonstrated that AI-powered predictive analytics increased crop yields by 30% and reduced input costs by 20% (IBM, 2021). Applying similar techniques in Ghana could enhance food security and farmer incomes, contributing to overall economic stability.

The finance sector is another area where AI can have a profound impact. AI can enhance financial inclusion and stability through fraud detection, risk management, and personalized financial services.

A report by Deloitte (2019) highlights that AI could add $1 trillion in value to the global banking sector by 2030. In Ghana, AI-driven financial services could make banking more accessible to underserved populations, fostering economic inclusion and growth.

Public services can also be significantly improved with AI. Automation of administrative tasks enhanced decision-making processes, and 24/7 access to services are some benefits AI can offer.

Estonia’s e-Estonia initiative, which integrates AI into government services, has significantly improved efficiency and citizen satisfaction.

Ghana can draw from Estonia’s experience to enhance public service delivery, making government operations more efficient and responsive to citizen needs.

Nesting AI into the 24-hour policy: Challenges and Opportunities

While the potential benefits of AI in economic policy are immense, several challenges need to be addressed to ensure successful integration in the proposed 24-hour policy.

These challenges should cover infrastructure, data privacy and security, skilled workforce, and regulatory framework. Adequate technological infrastructure is crucial for AI deployment.

Hence, investment in high-speed internet, data centres, and digital literacy programs becomes essential. Without robust infrastructure, the implementation of AI would be hindered, limiting its potential impact on the economy.

Furthermore, data privacy and security are paramount in the digital age. Hence, robust data protection regulations and systems are necessary to safeguard citizens’ privacy and ensure ethical AI within the 24-hour economy.

Developing and enforcing data protection laws in Ghana that align with international standards to foster trust and protect its citizens is a critical component in realizing a robust 24-hour system.

Again, developing a skilled workforce capable of managing and innovating with AI technologies is vital.

Partnerships with tech companies and consultancy firms for comprehensive training and development sessions can facilitate this. By investing in and training/developing programs focused on AI and related fields, Ghana can build a talent pool that will drive digital elites for a robust 24-hour system.

Finally, a clear regulatory framework is needed to guide AI development and deployment. This will the policy with national interests and international standards.

This framework should address ethical considerations, data privacy, and the promotion of innovation. A well-defined regulatory environment will provide a stable foundation for AI-driven economic policies.

In this regard, the expertise of AI/tech-driven firms and institutions for policy review, analysis, and enactment promises the potential for best leverages of the 24-hour economy in Ghana and beyond.

Conclusion

The NDC’s vision of a 24-hour economy, powered by AI, presents a promising pathway for Ghana’s economic transformation and revolution.

By learning from global best practices, addressing local challenges, and building/enhancing labour capacities, Ghana can harness AI to drive continuous economic activity, improve service delivery, and enhance the overall quality of life for its citizens.

As the world moves towards an AI-driven future, Ghana stands at the cusp of a new era of innovation and growth. Embracing AI can position Ghana as a leader in technological innovation and economic resilience, creating a prosperous future for all its citizens.

Author is Ismail Mohammed [Development/AI Consultant]

References

Accenture. (2021). “Artificial Intelligence: Healthcare’s New Nervous System.”

Deloitte. (2019). “AI in Banking: Transforming the Future.”

IBM. (2021). “AI in Agriculture: Improving Crop Yields and Reducing Costs.”

McKinsey & Company. (2020). “The Future of Maintenance in Manufacturing.”

PwC. (2019). “China’s AI Opportunity: A New Growth Engine for National Economy.”

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