I don’t see anything wrong with IMF sending an officer to sit at BoG – Amin Adam

There is nothing wrong with the International Monetary Fund (IMF) sending an officer to the Bank of Ghana (BoG), the Minister of State-designate for the Ministry of Finance, Dr Mohammed Amin Adam, has said.

During his vetting by the Appointments Committee of Parliament on Tuesday, February 21, the Karaga Member of Parliament said “Whether somebody is appointed to sit at the Bank of Ghana or sit in Washington, that relationship already exists and particularly when the IMF is going to commit up to $3 billion to Ghana.

“…I don’t see anything wrong with the IMF sending an officer.”

At the request of BoG and fully funded by Switzerland’s State Secretariat for
Economic Affairs, SECO, the International Monetary Fund (IMF) has assigned a Resident
Advisor in financial sector supervision to the Bank of Ghana to provide technical assistance
and help build the capacity of the banking supervision function.

The Advisor’s placement was 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 Advisor, 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 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.

Following this, the opposition Member of Parliament for Yapei Kusawgu John Jinapor asked Mr Chumo to scrutinise the documents of the central bank well.

He said, “Mr Chumo, please let me thank you and welcome you to Ghana. But let me plead with you, please open your eyes at the Bank of Ghana. I cannot trust that Governor…one bit. I beg you open your eyes, scrutinize the documents and ensure that the right thing is done.”

Source: By Laud Nartey

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