BANK OF GHANA RESEARCHERS PROPOSE AI SYSTEM TO TRACK INFLATION IN REAL TIME
Bank of Ghana researchers Francis Mawuli Abude, Collins Kwesi Appiah and Julius B. Dasah have proposed an artificial intelligence and Big Data framework called e-Inflation to provide faster estimates of consumer-price movements. The experimental system collected roughly 500,000 price observations from 120 websites across the same 307-item consumer basket used in Ghana’s official CPI and closely tracked official headline, food and non-food inflation between May 2021 and December 2023. The researchers say the framework could provide weekly or near-real-time information for monetary-policy analysis, but the Bank of Ghana stresses that the paper is research in progress and e-Inflation has not been adopted as Ghana’s official inflation-measurement system.