IMF assigns Resident Adviser on financial supervision to Bank of Ghana

The IMF assigns a Resident Adviser on financial oversight to the Bank of Ghana

The International Monetary Fund (IMF) has assigned a Resident Adviser on financial sector supervision to the Bank of Ghana (BoG) to provide technical assistance and help build the capacity of the banking supervision function.

The appointment is due to the Bank of Ghana’s request for full funding from the Swiss State Secretariat for Economic Affairs (SECO).

Leonard Chumo, Resident Adviser, started work at the Bank of Ghana on February 6, 2023, and is expected to stay for three years.

The statement issued in Accra said the placement of the Adviser is a continuation of the cooperation in this area between the Bank, the IMF and SECO, which started in early 2015 and has seen the assignment of previous Advisers up to 2018.

He said the achievements of past collaborative efforts include the passage of Banks and Special Deposit Taking Institutions, 2016 (Act 930), the development and issuance of the Corporate Governance Directive 2018, and the Capital Requirements Directive 2018.

Mr Chumo, brings first-hand knowledge of the supervisory work of a leading central bank as well as previous technical assistance experience in the West African region.

The statement among others, will support the implementation of Pillars two and three of the Basel II/III capital framework, as well as strengthen the Risk Based Supervision framework in Banks of Ghana.

The Bank praised the management of SECO for the continued funding of Long-Term Technical Experts from the IMF for the Bank.

Source: GNA

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