The International Monitory Fund(IMF) has assigned a Resident Advisor in financial sector supervision to Bank of Ghana to provide technical assistance and to assist in building the capacity of the banking supervision function.
The move was at the request of Bank of Ghana and fully funded by Switzerland’s State Secretariat for Economic Affairs, (SECO).
The Advisor’s placement is a continuation of cooperation between Bank of Ghana, the IMF and SECO, which commenced in 2015 and has already seen the assignment of a previous Advisor until 2018.
Achievements from the past collaborative effort 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 of 2018.
A statement issued by the Secretary to the Bank of Ghana, Sandra Thompson said “The Advisor, Mr. Leonard Chumo, brings first-hand knowledge of supervisory work from leading central banks, as well as previous technical assistance experience in the W. Africa Region. Mr. Chumo’s three year-assignment commenced on 6. February 2023.
“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, among others.
Bank of Ghana expresses its appreciation to SECO for its funding of Long-Term Technical Experts from IMF to Bank of Ghana.”
