IMF Resident Advisor assigned to BoG to provide technical assistance

The Bank of Ghana (BoG) has confirmed that a Resident Advisor has been attached from
the International Monetary Fund (IMF) to provide technical assistance to the Central Bank.
In a press release, BoG said the Resident Advisor has been assigned following a request it made to the IMF.
“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
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,” part of the BoG release signed by its Secretary Sandra Thompson said on Tuesday.

The release explains that 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.
The 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.

The Advisor, Mr. Leonard Chumo is expected to provide 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. The Bank of Ghana notes that the Advisor 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,” the release concluded.
Eric Nana Yaw Kwafo

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