A $3 billion IMF loan programme for Ghana has been the subject of a third review by staff and officials of the International Monetary Fund (IMF).

Under the G20’s Common Framework programme, the West African producer of cocoa and gold is almost finished with debt restructuring. The company defaulted on the majority of its $30 billion international debt in 2022.

“Ghana has made remarkable progress on its public debt restructuring,” the fund said in a statement, adding that the performance of the programme was “generally satisfactory.”

According to the government, an overhaul of $13 billion worth of Eurobonds has been accepted by more than 90% of bondholders in Ghana. This approval comes after a June agreement with bilateral creditors.

“The authorities are committed to pursuing good-faith efforts to reach an agreement with other commercial external creditors,” the IMF said.

Ethiopia is the only nation on the continent that is still trying to reform its debt under the Common Framework, with Ghana’s debt rework nearly finished. In an email statement, the Official Creditors group, whose communications are managed by the Paris Club, commended the progress.

“We see that the common framework process has gained traction and can move quicker,” the statement said.

Ghana would have access to $360 million in funding when the IMF’s executive board approves the staff-level agreement, according to the institution.

In May of last year, the IMF board authorised Ghana’s current credit program, which runs out in 2026.

According to the government’s June statement, Ghana’s debt restructuring is anticipated to lower its debt stock by $4.7 billion and give cash flow assistance totalling $4.4 billion for the IMF program.

“Economic growth in the first half of 2024 was much higher than initially envisaged,” said the IMF.

According to official data, Ghana’s economy expanded at its quickest rate in five years in the second quarter. As a result, officials began reducing interest rates in response to indications that inflation was beginning to decline.

At a joint news conference with the government, Stephane Roudet, the IMF’s Mission Chief for Ghana, stated that the organisation expected to update its growth prediction for Ghana, but he did not provide an exact amount.