As world leaders, regulators and captains of industry seek to unlock the full potential of artificial intelligence (AI) there are discussions around the delicate balance between regulation and innovation.
During the AI Action Summit, held in February 2025 in Paris, there was convergence on the need for a balanced approach to artificial intelligence that combines support for innovation, adequate regulation and respect for human rights.
This will ensure development of AI for the best interest of all, including developing countries, by buttressing innovation.
This is with the recognition that AI has tremendous benefits and opportunities for the human race. AI promises new opportunities in an accountable and sustainable manner due to its broad application.
For example in healthcare, education, energy, response to climate change, enhancing labour productivity, and scaling up job creation. The use of AI also brings risks and legitimate concerns, on the reliability of information, protection of rights, and accessibility for all.
The positioning of AI as the centerpiece in the global technology and infrastructure ecosystem has exposed the world to unprecedented risks.
This is because AI has become widely available through open-source Chatbot systems like ChatGPT and DeepSeek, which have created a platform for further iterations to create solutions for specific areas of application.
There is need to find a way of creating a balanced regulatory framework at a global level to ensure that players in the developed and developing economies are exposed to the same rules while promoting innovation.
There is the risk of the big tech companies in the developed countries pushing for favourable terms to sustain dominance, which is unfair to the upcoming tech companies in developing countries. This could undermine progress and impede innovation with the latter being disadvantaged. There is need for the world to move together with the bridging of the digital divide as far as AI is concerned.
The regulatory framework needs clear benchmarks to ensure data security as AI has the potential to hurt national security and cause breaches of personal data, with damaging consequences at the global level.
There may also be need for adaptability of the regulatory framework to local conditions in the developing world. In some developing countries frameworks to protect personal data are at nascent stages while some countries are yet to get there.
This calls for a collaborative approach with the appreciation that for AI to be deployed for maximum benefit to the human race globally, all nations have to support each other.
The writer is the Chief Executive Officer of Fanisi Online Ltd
