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JUST IN: IMF Assigns Resident Adviser to Bank of Ghana | Here Is Why

The Bank of Ghana (BoG) has announced that the International Monetary Fund (IMF) has appointed Leonard Chumo, an Irish-Kenyan national, as Resident Advisor to the central bank. Chumo’s role is to provide technical assistance and build the capacity of the banking supervision function of the regulator. The appointment, fully funded by Switzerland’s State Secretariat for Economic Affairs (SECO), was at the request of BoG and will last for three years. The collaboration between BoG, the IMF, and SECO dates back to 2015 and has resulted in the successful 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. Chumo’s previous experience in supervisory work from leading central banks and technical assistance in the West African region makes him an ideal fit for the role. He commenced his assignment on February 6, 2023, and is expected to serve for the next three years

“Among others, he will support the implementation of Pillar two and three of the Basel II/III capital frameworks, as well as strengthen the Risk-Based Supervisory framework at BoG.

“BoG wishes to express its utmost appreciation to SECO for the continued funding of long-term technical experts from the IMF to the bank,” the statement said.

Ghana is closing in on a three-year US$3 billion support from the IMF to help reorganise its finances for the cedi depreciation and inflation to stabilise

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