Ghana: IMF’s financial advisor to Ghana to help develop nation’s finances

The Minister of State-designate for the Ministry of Finance, Dr. Mohammed Amin Adam debunks claims that the appointment of a financial advisor to the Bank of Ghana by the International Monetary Fund (IMF) would interfere with the independence and regulatory work of the Central Bank.

In response to a request from the Bank of Ghana, the IMF appointed Leonard Chumo as a financial advisor to help the institution develop its capacity for banking supervision. 

The resident adviser, who is supported by Switzerland’s State Secretariat for Economic Affairs (SECO), is meant to offer technical advice and support the development of the nation’s financial supervisory role.

A press release from the Bank of Ghana indicated that “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″.

He added there is nothing wrong with the appointment adding that the Bank of Ghana is willing to work with Mr. Chumo.

“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.”