The International Monetary Fund (IMF) has appointed Leonard Chumo as a Resident Adviser in financial sector supervision to the Bank of Ghana (BoG).

He is to provide technical assistance and help build the capacity of the banking supervision function.

“At the request of Bank of Ghana and fully funded by Switzerland’s State Secretariat for Economic Affairs, SECO, the International Monetary Fund (IMF) has assigned a Resident Adviser in financial sector supervision to the Bank of Ghana”, a statement from the BoG read.

Mr. Chumo, brings first-hand knowledge of supervisory work from leading central banks as well as previous technical assistance experience in the Western Africa region.

He started his assignment at the BoG on February 6, 2023 and is expected to stay for three years.

Among others, 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 of Ghana.

The Bank of Ghana expressed its utmost 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 added.

The BoG recounted that the achievements from the past collaborative efforts 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 2018.