The International Monetary Fund's (IMF's) executive board on Monday completed the sixth and final review of Ghana's $3-billion support programme, clearing the way for a final disbursement of about $371-million, the IMF said in a statement.

IMF Deputy Managing Director Bo Li said Ghana's performance under the programme had been broadly satisfactory, with sustained reform efforts and favourable commodity price developments helping to stabilise the economy and lower debt risks.

The oil, gold and cocoa producer sought IMF support in 2022 after its debt-servicing costs soared in the wake of years of overspending, the Covid-19 pandemic, Russia's invasion of Ukraine and high global interest rates, all of which hammered the cedi and drove up inflation.

Ghana reached an agreement with IMF staff in May on the final review of the $3-billion credit facility, which helped it emerge from its worst economic crisis in a generation. Such agreements require board approval.

In a statement, Li said Ghana's comprehensive debt restructuring was largely complete and its risk of not being able to service its debt had returned to moderate. Continued reforms and strict fiscal discipline would be essential to address remaining vulnerabilities.

Ghana's central bank had anchored disinflation and rebuilt its external buffers, but it needed to safeguard central bank independence, transfer its domestic gold purchase programme to the Gold Board and implement a recapitalisation plan.

Ghana also needed to press ahead with "decisive corrective measures, robust supervision, and finalisation of the crisis management and resolution framework," as well as enacting conduct laws for public officials.