IMF Assigns Resident Advisor To Bank of Ghana

IMF Assigns Resident Advisor To Bank of Ghana

In order to deepen financial supervision at Ghana’s Central Bank, the International Monetary Fund (IMF) has assigned Leonard Chumo as a financial adviser to the bank.

This appointment to the Central Bank by the IMF was made upon request by the Bank of Ghana.

In a press statement released on Tuesday, February 14th, 2023, the bank explained that the appointment of Mr. Leonard Chumo is not novel but a continuation of the already existing cooperation between the bank and the Britton Woods Institution since 2015.

“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 statement explained.

The appointment is fully funded by Switzerland’s State Secretariat for Economic Affairs (SECO) and the resident adviser is expected to provide technical assistance and help build the capacity of the banking supervision function in the country.

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

The new resident advisor, according to the bank, 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.

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