The International Monetary Fund (IMF) has appointed a Resident Advisor to the Bank of Ghana (BoG) to oversee financial sector supervision in the country.
The fund appointed Leonard Chumo, an Irish and Kenyan, to the central bank to provide technical assistance and help build the capacity of the banking supervision function of the regulator.
A statement from the central bank revealed.
The statement dated Tuesday, February 14, said the appointment was at the request of BoG and will be fully funded by Switzerland’s State Secretariat for Economic Affairs (SECO).
According to the statement, Leonard Chumo brings first-hand knowledge and experience from other leading central banks.
“The Advisor’s placement is a continuation of cooperation in this area between BoG, the IMF and SECO that started as early as in 2015 and had already seen the assignment of a previous Advisor until 2018″, the statement added.
The statement further added that, “Achievements from the past collaborative efforts 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.
Mr. Chumo is on a three-year assignment as the Resident Advisor to the Bank of Ghana which commenced on February 6, 2023.
Below is the statement
