IMF assigns to BoG resident advisor on financial supervision
The Bank of Ghana has requested and received a Resident Adviser from the International Monetary Fund (IMF), with the support of Switzerland’s State Secretariat for Economic Affairs (SECO), to provide technical assistance and build the capacity of the banking supervision function in the country.
This latest cooperation between the Bank of Ghana, the IMF, and SECO builds on previous collaborative efforts that began as early as 2015, which have already yielded significant achievements.
The newly appointed Adviser, Mr. Leonard Chumo, has extensive experience in supervisory work from leading central banks and previous technical assistance experience in the Western Africa region.
Mr. Chumo began his assignment on 6th February 2023 and is expected to stay in Ghana for three years. During his tenure, he will support the implementation of Pillar 2 and 3 of the Basel II/ III capital frameworks and work to strengthen the Risk-Based Supervisory framework at the Bank of Ghana.
The Bank of Ghana has expressed its gratitude to SECO for the continued funding of long-term technical experts from the IMF to support the development of the country’s financial sector. In particular, the funding has enabled the Bank to enhance its supervisory framework, which is crucial in ensuring the stability and soundness of the financial system.
It is worth noting that previous collaborative efforts have already yielded significant results, including 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. These achievements underscore the importance of international cooperation and technical assistance in promoting sustainable economic growth and financial stability in developing countries.
The appointment of Mr. Chumo as Resident Adviser is, therefore, a significant milestone in the long-standing collaboration between the Bank of Ghana, the IMF, and SECO. It provides an opportunity for the country to leverage the Adviser’s expertise in enhancing its supervisory framework and regulatory capacity, ultimately improving the financial sector’s resilience to shocks and risks.
Looking ahead, it is expected that the Bank of Ghana will continue to work closely with the IMF and SECO to ensure the sustainability and effectiveness of the Resident Adviser programme.
The long-term technical assistance and cooperation between the Bank of Ghana, the IMF, and SECO are vital in promoting the country’s financial sector’s development and soundness, as well as supporting Ghana’s broader economic growth objectives.
