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ACCRA, Jan 7 (Reuters) – Ghana’s consumer inflation slowed for the 12th consecutive month, falling to 5.4% year on year in December from 6.3% in November, the statistics service said on Wednesday.

Government statistician Alhassan Iddrisu told a press conference that while inflation pressures were coming down across most major components, the drop was mostly driven by a slowdown in food and non-alcoholic beverages prices.

“This steady decline signals a sustained shift toward price stability and improving macroeconomic conditions,” Iddrisu said, adding that last month inflation reached its lowest level since a rebasing exercise in 2021.

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The Bank of Ghana targets inflation of 8%, with a tolerance band of 2 percentage points either side.

Inflation was at 23.8% in December last year.

The West African gold-, oil- and cocoa-producing nation is emerging from its most severe economic crisis in decades.

Ghana’s economy expanded by 5.5% year on year in the third quarter of 2025, driven by an improvement in the agriculture and services sectors, the statistics agency said in December.

The International Monetary Fund last month completed the fifth review of the country’s loan programme, allowing for an immediate disbursement of around $385 million.