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IMF appoints Resident Finacial Supervision Advisor to the Bank of Ghana

The International Monetary Fund (IMF) has assigned Leonard Chumo as a swiss-funded financial supervision advisor to the Bank of Ghana(BoG). Chumo commenced his duties on February 6 2023 and is expected to stay for three years.

In a statement, the BoG explained that the development happened at their behest and that it symbolized the ongoing collaboration among Ghana, the IMF, and the State Secretariat for Economic Affairs of Switzerland(SECO). It went on to say that Chumo would provide first-hand supervisory knowledge from leading central banks and technical assistance based on his experience in Western Africa.

“At the request of the Bank of Ghana and fully funded by Switzerland’s State Secretariat for Economic Affairs, the IMF has assigned a Resident Adviser in Financial Sector Supervision to the Bank of Ghana to provide technical assistance and help build the capacity of the banking supervision function,” the BoG’s statement read.

In addition, the bank elaborated that Chumo would support the implementation of Pillar 2 and 3 of the base II and III capital frameworks. He would also strengthen the risk-based supervisory framework of the bank.

The bank expressed its appreciation to SECO for the continued funding of long-term technical experts from the IMF to the bank. “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 went on.

In their communique, the BoG mentioned some of their successes working with the previous adviser including, the passage of the Banks and Specialised Deposit-Taking Institutions Act, 2016, the development and issuance of the Corporate Governance Directive, 2018, and the Capital Requirement Directive, 2018.

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