Government has finally communicated to the International Monetary Fund (IMF) its decision to extend the Fund's program.

Sources say the program would be extended to December 2018, instead of the initial completion date of March 2018. 

JOYBUSINESS is learning the extension was communicated to the Washington-based lender last month.

This comes after several debates on whether the program should be extended and what should be the end date for the program.

JOYBUSINESS understands the move to extend the was influenced by challenges in meeting most of the IMF targets before the completion date of March 2018.

Finance Minister Ken Ofori Atta had earlier told JOYBUSINESS that the program would only be extended if it’s clear that government would not be able to meet the targets by the end of this year.

According to sources, the extension was one of the requirements before the IMF board meets next month to assess Ghana’s performance under the IMF program.

Analysts say the extension could afford government an opportunity to meet some of the critical targets set out in the program which should have ended in March 2018.

Economist Dr. Joe Abbey had also told JOYBUSINESS that it would be in the interest of government to extend the program because of the signals it would send to investors about government commitment to stick to fiscal consolidation program.