Ghana’s annual consumer inflation eased for the fourth consecutive month in April, dropping to 21.2% from 22.4% in March, according to data released by the Ghana Statistical Service on Wednesday.

Government Statistician Alhassan Iddrisu attributed the decline to a moderation in both food and non-food price pressures. “Food inflation remains the largest contributor to overall inflation, although it is gradually stabilizing,” he said at a press briefing in Accra.

Despite the slowdown, inflation remains significantly above the Bank of Ghana’s target range of 6% to 10%, keeping economic pressure high in the gold, cocoa, and oil-producing West African nation.

In March, Central Bank Governor Johnson Asiama emphasized the need to maintain a tight monetary policy to curb inflation, announcing a surprise interest rate hike at the time. The effectiveness of that policy move is expected to be reassessed at the next monetary policy meeting later in May.

Meanwhile, Finance Minister Cassiel Ato Forson, speaking during his March budget presentation, projected that stringent fiscal measures and spending cuts could help reduce inflation to 11.9% by the end of 2025.

Ghana continues to grapple with post-pandemic economic challenges, compounded by external shocks and debt pressures, making inflation control a key priority for policymakers