ACCRA, Sept 11 (Reuters) – Ghana’s consumer inflation slowed for a fifth consecutive month in August, to 20.4% year on year from 20.9% in July, the statistics service said on Wednesday.

Government statistician Samuel Kobina Annim told a news conference that the latest decline was partly due to a decline in food prices.

Although inflation has been easing, it remains well above the central bank’s medium term target of 8% with a margin of error of 2 percentage points either side.

Finance minister Mohammed Amin Adam said in July the West African nation’s inflation is expected slow to 15% by the end of 2024, adding that its economy was rebounding faster than expected.

The cocoa-, gold- and oil-producing West African country is battling to emerge from its worst economic crisis in a generation.

It invited holders of roughly $13 billion of its international bonds to swap their holdings for new instruments in an offer ending Sept. 30.

(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Anait Miridzhanian;Editing by Bate Felix)