The announcement came from the General Secretary of the party, Justin Frimpong Kodua, during a press conference in Accra.
The decision follows a crucial meeting held by the NPP's National Executive Committee and National Council on Wednesday, December 6.
The meeting was convened by the party's constitutional requirement, which mandates the selection of a running mate 12 months before a major election if the President is not the candidate.
The extension granted to Dr Bawumia indicates the party's willingness to suspend the constitutional provision temporarily to allow for further consultation and a more informed decision.
Dr. Bawumia is expected to propose a running mate whose suitability, particularly in terms of general appeal to the electorate, must be accepted by the party. Earlier, Joseph Osei-Owusu, the First Deputy Speaker of Parliament, revealed in an interview on JoyNews that the party had generally agreed that the running mate for the newly elected flagbearer would be chosen from the Ashanti region.
This decision, according to Osei-Owusu, is considered crucial for the party's success in the 2024 general election.
While names like Dr Matthew Opoku Prempeh (Energy Minister), Dr Yaw Osei Adutwum (Education Minister), and Osei Kyei-Mensah-Bonsu (Majority Leader) have been rumoured as frontrunners, other contenders such as John Ampontuah Kumah, Deputy Finance Minister and Member of Parliament for Ejisu, and Deputy Minister of Education, Rev. John Ntim Fordjour, are also being considered.
The extension allows for a more thorough vetting process, allowing potential candidates to present their qualifications, capabilities, and overall suitability for the position.