A professor of finance and economics at the University of Ghana, Prof Godfred Bokpin, says it will be bad for the economy if the government decides to discontinue the current International Monetary Fund (IMF) programme.

President John Dramani Mahama has reiterated that his administration has no immediate plans to extend Ghana’s ongoing $3 billion Extended Credit Facility agreement with the IMF.

Speaking in an interview with Bloomberg TV at the Munich Security Conference, he stressed that his government remains committed to executing the existing programme without seeking an extension.

Addressing the possibility of future modifications, President Mahama acknowledged that an extension could be considered if necessary but insisted that the current focus was on implementing the agreed measures.

Speaking on Joy FM’s Super Morning Show during a discussion on the economy, Prof Godfred Bopkin said, “To think about it that we are exiting the programme in May 2026 conveys considerable risk to the market,” he noted

Prof Bopkin highlighted that the original financial programme, which aimed to restore economic balance, was designed with a follow-up extension or successor plan in mind. However, given the changing circumstances, he acknowledged that the nation now finds itself needing to adjust the course.

“What that will mean is that we have to then start another programme. If you look at the original programme, the programme was designed with an extension or immediate or a successor right after,” he explained

Prof Bopkin further estimated that it could take between three and four years before the country can access the international capital markets again. This delay, he noted, is a necessary period of rebuilding and stabilizing the economy.

“Remember that we are not able to go to the international capital market per the original programme until 2027,” he added

The government had previously restructured its debt to avoid default, but the lengthy and complex process of recovery means that the nation will need time to rebuild its financial standing.

"The World Bank was advising us…that’s just consistent with the period," Prof Bopkin added.

"Once you restructure your debt with the manner that ours took, we are looking at over 3-4 years before the market will receive you favourably," he concluded