There's nothing wrong with IMF assigning Resident Advisor to BoG - Amin Adam

Minister of State-designate for the Ministry of Finance, Dr. Mohammed Amin Adam, has responded to claims that the appointment of a financial advisor to the Bank of Ghana by the International Monetary Fund (IMF) would interfere with the regulatory work of the central bank.

He stated categorically that he does not see anything wrong with the move taken by the Bretton Woods institution as part of the process for Ghana to secure a US$3 billion loan.

Appearing before the Appointments Committee of Parliament on Tuesday, February 22, 2023, Dr. Amin Adam noted that the central bank was ready to work with the IMF Advisor to the bank for the smooth running of operations.

“Whether somebody is appointed to sit at the bank [Bank of Ghana] or sit in Washington, that relationship already exists and particularly when the IMF is going to commit up to $3 billion to Ghana…I don’t see anything wrong with the IMF sending an officer,” the Minister of State-designate for the Ministry of Finance said during his vetting.

It would be recalled that on Tuesday, February 14, 2023, IMF assigned Leonard Chumo as Resident Advisor to the Bank of Ghana.

Mr Chumo will provide technical assistance to the central bank and will support the implementation of Pillar 2 and 3 of the Basel II/ III capital frameworks.

He will also help strengthen the Risk-Based Supervisory framework at the Bank of Ghana.

In a press statement sighted by GhanaWeb Business, the Resident Advisor assumed office on February 6, 2023, and is expected to stay for three years.

The IMF programme, according to the government, is aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others.

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