WASHINGTON DC, USA – APRIL 16: Financial Counsellor and Director of the Monetary and Capital Markets Department Tobias Adrian hold the press briefing of the Global Financial Stability Report at the International Monetary Fund during the 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington DC, United States on April 16, 2024. (Photo by Celal Gunes/Anadolu via Getty Images)

ACCRA, April 15 (Reuters) – The International Monetary Fund and Ghana’s government have reached a staff-level agreement on a fourth review of its $3 billion loan programme, unlocking another $370 million on completion by the Fund’s Executive Board.

The gold, oil, and cocoa-producing nation is recovering from its most severe economic crisis in decades, with its cocoa and gold industries facing challenges.

The IMF said in a statement on Tuesday that Ghana’s overall performance under the programme had deteriorated markedly at the end of 2024. However, authorities had since taken measures to address policy and reform slippages, it added.

“Discussions with the authorities centred on possible additional measures needed to address structural weaknesses in the public financial management,” the statement said.

(Reporting by Christian Akorlie; Writing by Anait Miridzhanian; Editing by Alexander Winning)