IMF Assigns Resident Advisor To BoG

The International Monetary Fund (IMF) has assigned Mr Leonard Chumo to the Central Bank of Ghana as a resident advisor.

The move was at the request of the Bank of Ghana (BoG) but the Bank noted that it will be funded by Switzerland’s State Secretariat for Economic Affairs (SECO).

Mr Chumo’s assignment in Ghana is for three years and commenced on February 6, 2023.

The advisor will provide technical assistance to the BoG and assist in building the capacity of the banking supervision function.

The Bank in a press statement said, “the Advisor’s placement is a continuation of cooperation between Bank of Ghana, the IMF and SECO, which commenced in 2015 and has already seen the assignment of a previous Advisor until 2018.

“Achievements from the past collaborative effort 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 of 2018.”

Specifically, Mr Chumo 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, among others.

Below Is The Full Statement From The BoG:
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 Bank of Ghana to provide technical assistance and to assist in building the capacity of the banking supervision function. The Advisor’s placement is a continuation of cooperation between Bank of Ghana, the IMF and SECO, which commenced in 2015 and has already seen the assignment of a previous Advisor until 2018. Achievements from the past collaborative effort 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 of 2018. The Advisor, Mr. Leonard Chumo, brings first-hand knowledge of supervisory work from leading central banks, as well as previous technical assistance experience in the West Africa Region. Mr. Chumo’s three year-assignment commenced on 6 th February 2023. 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, among others. Bank of Ghana expresses its appreciation to SECO for its funding of Long-Term Technical Experts from IMF to Bank of Ghana.

Source: opemsuo.com/Hajara Fuseini