International Monetary Fund staff and officials in Ghana have reached an agreement on their third review of the West African country’s $3 billion IMF loan programme, the fund said on Friday.

The West African gold and cocoa producer is nearing completion of a debt-restructuring process under the G20’s Common Framework initiative, after it defaulted on most 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.”