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.

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.

(Reporting ⁠by Emmanuel Bruce and Christian Akorlie; Writing by Anait Miridzhanian; Editing ⁠by Andrew Heavens and Jan Harvey)