IMF assigns Leonard Chumo as Resident Adviser to Bank of Ghana

Bretton Woods Institution, International Monetary Fund (IMF), has appointed Leonard Chumo as Resident Adviser to the Bank of Ghana.

Mr Chumo will provide technical assistance to the central bank and will support the implementation of Pillar 2 and 3 of the Basel II/ III capital frameworks.

He will also help strengthen the Risk-Based Supervisory framework at the Bank of Ghana.

In a press statement sighted by GhanaWeb, the Resident Adviser assumed office on February 6, 2023 and is expected to stay for three years.

“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,” part of the statement read.

“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 6th February 2023 and is expected to stay for three years. Among others,” the statement added.

It would be recalled that government on July 1, 2022, announced its decision to engage the International Monetary Fund (IMF) for $3 billion financial bailout programme.

Subsequently, a team from the IMF arrived in the country from July 6 to July 13, 2022 to engage Ghanaian authorities for a possible economic support programme.

A staff-level agreement between Government of Ghana and IMF was reached in December 2022.

The IMF programme, according to government is aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others.