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

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.

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.

The appointed Adviser, Mr. Leonard Chumo, brings first-hand knowledge of supervisory
work from leading central banks as well as previous technical assistance experience in
the Western Africa region. Mr. Chumo started his assignment in the Bank of Ghana on 6
the February 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.

“Bank of Ghana wishes to express its utmost appreciation to SECO for the continued
funding of Long-Term Technical Experts from the IMF to the Bank,” a statement said.

Source: 3news

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