IMF assigns Resident Advisor to Bank of Ghana

The International Monetary Fund (IMF) has assigned a Resident Advisor in financial sector supervision to the Bank of Ghana (BoG).

According to the BoG, the Resident Advisor, Leonard Chumo, was appointed after its request and will be paid by Switzerland’s State Secretariat for Economic Affairs (SECO).

In a statement issued on February 14, 2023, the central bank added that Chumo will provide technical assistance to it and also help build its capacity for its banking supervision function.

“At the request of Bank of Ghana and fully funded by Switzerland’s State Secretariat for Economic Affairs, SECO, the International Monetary Fund (IMF) has assigned a Resident Advisor in financial sector supervision to the Bank of Ghana to provide technical assistance and help build the capacity of the banking supervision function.

“The appointed Advisor, Mr. Leonard Chumo, brings first-hand knowledge of supervisory work from leading central banks as well as previous technical assistance experience in the Western Africa region. Mr. Chumo started his assignment in the Bank of Ghana on 6th February 2023 and is expected to stay for three years. Among others, he will support the implementation of Pillar 2 and 3 of the Basel II/ III capital frameworks, as well as strengthen the Risk-Based Supervisory framework at the Bank of Ghana,” parts of the statement read.

The BoG added that the appointment of the Resident Advisor is nothing new and it forms part of an agreement it has had with the IMF and SECO since 2015.

“Achievements from the past collaborative efforts include the passage of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), the development and issuance of the Corporate Governance Directive 2018, and the Capital Requirement Directive 2018,” the BoG added.

Read the full statement of the BoG below:



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IB/DA