IMF assigns resident financial advisor to Bank of Ghana

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The International Monetary Fund (IMF) requested that Leonard Chumo be appointed as a financial advisor to the Bank of Ghana.

According to the central bank, the resident advisor is expected to provide technical assistance and help build the capacity of the banking supervision function in the country.

The Switzerland State Secretariat for Economic Affairs (SECO) will fund the appointment of Chumo.

Leonard Chumo, Adviser to BoG

A press release from the Bank of Ghana further indicated that “the Adviser’s placement is a continuation of cooperation in this area between the Bank of Ghana, the IMF, and SECO, that started as early as in 2015 and had already seen the assignment of a previous Adviser until 2018.”

The Bank of Ghana, opined that the previous adviser contributed to some achievements which make the current assignment eminent.

The Bank of Ghana in a 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, 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 at 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.

Read the BoG ‘s full statement below:

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