The Swiss State Secretariat for Economic Affairs (SECO) will finance Chumo’s appointment.
A press release from the Bank of Ghana further indicates that “tThe placement of the Adviser is a continuation of the cooperation in this area between the Bank of Ghana, the IMF, and SECO, which started in early 2015 and has seen the deployment of previous Advisers up to 2018..”
Bank of Ghana, opined that the previous advisor contributed to several achievements that made the current assignment eminent.
The Bank of Ghana in a press release announced that the former advisor “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 direct knowledge from the supervisory work of a leading central bank as well as previous technical assistance experience in the West African region.
Mr. Chumo started his duties at the Bank of Ghana on February 6, 2023 and is expected to stay for three years.
Among other things, he will support the implementation of Pillars 2 and 3 of the Basel II/III capital framework, as well as strengthen the Risk-Based Supervisory framework in Banks of Ghana.
Read BoG’s full statement below: