IMF appoints Resident Adviser to Bank of Ghana

To monitor the country’s financial sector supervision, the International Monetary Fund (IMF) has assigned a Resident Advisor to the Bank of Ghana (BoG).

This month, the fund recruited Irish-Kenyan Leonard Chumo to the central bank to offer technical support and aid in the expansion of the regulator’s capabilities for its banking supervisory job.

According to a BoG announcement, he will remain for three years.

BoG said in the Tuesday, February 14, press release that the appointment was at the behest of BoG and will be fully funded by Switzerland’s State Secretariat for Economic Affairs (SECO).

“The Adviser’s placement is a continuation of cooperation in this area between BoG, the IMF and SECO that started as early as in 2015 and had already seen the assignment of a previous Adviser until 2018.

“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 statement said.

The Bank of Ghana in the press release disclosed that the previous adviser’s “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.”

Mr. Chumo provides first-hand expertise providing technical help in the Western African area as well as understanding of supervisory work from top central banks.

On February 6, 2023, Mr. Chumo began his job at the Bank of Ghana, where he is scheduled to work for the next three years.

He will, among other things, assist with the implementation of Pillars 2 and 3 of the Basel II/III capital frameworks and enhance the Bank of Ghana’s Risk-Based Supervisory structure.

Read the full statement below:

Source: Ghanatodayonline.com