Following the IMF’s proposal for the government to extend the current bailout program by a three-month period, Economist and political risk analyst, Dr. Theo Acheampong, has moved to calm public anxiety surrounding the recommendation.
The economist explains that the recommendation is purely technical and “nothing untoward.”
In a detailed analysis of the request, Dr. Acheampong explained that the extension is linked to the sixth and final review of Ghana’s IMF programme, which is scheduled for April 2026.
Once that review is successfully completed, Ghana is expected to receive its final tranche of about US$360 million, bringing total IMF disbursements since May 2023 to roughly US$3 billion.
He clarified that the data used to assess the final review runs up to the end of December 2025. However, some reforms under the programme require supporting data that arrives later than the cut-off date.
This timing gap, he noted, is the main reason the IMF is proposing a short extension.
According to Dr. Acheampong, the current programme is due to expire on May 16, 2026. Extending it to August 16, 2026, simply creates enough space for Ghana and the IMF to align fully on remaining policy actions, finalize reform-related data, and allow IMF staff adequate time to prepare and circulate documents to the Fund’s Executive Board.
“Ghana’s sixth and final review of the programme is scheduled for April 2026, after which we can access the 𝗹𝗮𝘀𝘁 𝘁𝗿𝗮𝗻𝗰𝗵𝗲 𝗼𝗳 𝗨𝗦$𝟯𝟲𝟬 𝗺𝗶𝗹𝗹𝗶𝗼𝗻, bringing the total disbursed to the country since programme commencement in May 2023 to US$3 billion. The data cut-off period for the final review is the end of December 2025,” he explained.
He stressed that this does not mean Ghana has failed the programme or is seeking new support. Rather, it is about completing the final review properly and avoiding a rushed ending that could undermine the process.
For Dr. Acheampong, such extensions are common in IMF programmes across the world. Countries often receive short technical extensions to tidy up outstanding issues, especially at the final stage of an arrangement.
“This 3-month TECHNICAL EXTENSION is to complete the final review, as some data points accompanying some of the reforms, which were delayed, come in later. Such minor extensions are common in IMF programmes worldwide. There is 𝗻𝗼𝘁𝗵𝗶𝗻𝗴 𝘂𝗻𝘁𝗼𝘄𝗮𝗿𝗱 about this,” the economist clarified.
The economist is therefore allaying the fears that the proposed three-month extension is a setback or a sign of trouble.
Instead, it is a routine administrative step aimed at ensuring Ghana closes the programme smoothly, accesses its final funds, and locks in the reforms already undertaken.
