ACCRA, July 8, 2025 (BSS/AFP) - Ghana is making headway in its economic reforms and debt restructuring that the government embarked on since coming into office six months ago, the International Monetary Fund said Monday.

President John Mahama was sworn into office in January after the gold- and cocoa-rich country experienced its worst economic turmoil in years.

"The new authorities have responded decisively to secure achievement of the program targets and keep the structural reform agenda on track," the IMF said in a statement, announcing the completion of the fourth review of the country's extended credit facility arrangement.

That review allows for the release of the latest tranche towards the $3 billion rescue package.

The Ghana finance ministry hailed the approval "clearing the path for a substantial $370 million disbursement!"

"This landmark approval validates Ghana's unwavering commitment to fiscal discipline and strategic economic transformation," the ministry said in a post on X.

"Today marks another decisive step forward in Ghana's economic recovery journey," it said.

After the landslide return to power in the December elections, Mahama promised to "reset" Ghana, usher in economic revival and renegotiate parts of the country's $3 billion IMF accord.

The IMF said the new authorities have also "continued to make headway" on the public debt restructuring.

"Faced with large policy slippages and reform delays at end-2024, the new administration has taken bold corrective actions to maintain the program on track," IMF Deputy Managing Director for Ghana Bo Li said.