The International Monetary Fund (IMF) has appointed Leonard Chumo as the financial advisor to the Bank of Ghana (BOG).
In a press release by the Bank of Ghana, the main function of the advisor is to provide technical assistance and help strengthen the capacity of the banking supervision in the country.
The appointment of the financial advisor was requested by the central bank and it was funded by the Switzerland’s State Secretariat for Economic Affairs and SECO. The appointment of the advisor is a continuation of cooperation between the central bank and the IMF and SECO.
According to the statement, the appointment of the financial advisor begun in 2015 until 2018. It was noted that with the help of the previous advisors, the Banks and Specialized Deposit-Taking Institutions Act and the Capital requirements Directive were passed.
Leonard Chumo is expected to bring first-hand knowledge of supervisory work to help the implementation of pillar 2 and 3 of the capital frameworks and also build the Risk-Based Supervisory framework at the Bank of Ghana.
The financial advisor begun his assignment on February 6,2023 and he will be around for the next three years. The central bank also expressed their gratitude towards the SECO for their assistance.