The International Monetary Fund (IMF) has assigned Mr Leonard Chumo as a resident advisor in the financial sector to the Bank of Ghana to provide technical assistance and help build the capacity of the banking supervision function.
The appointment was at the request of the Bank of Ghana (BoG) with full funding from Switzerland’s State Secretariat for Economic Affairs (SECO).
This was disclosed in a press release issued by the BoG on Tuesday.
It pointed out that the advisor’s placement was a continuation of cooperation between the BoG, the IMF and SECO, which commenced in 2015 and had already seen the assignment of a previous Advisor until 2018.
“Achievements from the past collaborative effort include the passage of the banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), the development and issuance of the Corporate Governance Directive 2018 and the Capital Requirement Directive of 2018,” it added.
According to the statement, Mr Leonard Chumo brings first-hand knowledge of supervisory work from leading central banks, as well as previous technical assistance experience in the West Africa Region.
“Mr Chumo’s three year-assignment commenced on 6th February 2023. He will support the implementation of Pillar 2 and 3 of the Basel II/ III capital frameworks, as well as strengthened oversee the financial sector supervision in the country.