Recession: IMF appoints financial supervision adviser for Bank of Ghana
The Bank of Ghana says the International Monetary Fund (IMF) has appointed a Swiss-funded financial supervision adviser to provide it with technical support.
The bank said this in a statement on Tuesday. Last December, as part of its debt restructuring per a bailout agreement with the IMF, Ghana suspended payments on a portion of its foreign debt.
The appointment is coming as the West African nation strives to obtain executive board approval for a $3 billion bailout.
It added that the placement represented continued cooperation between Ghana, the IMF, and the Swiss State Secretariat for Economic Affairs.
The adviser, Leonard Chumo, began his assignment on February 6.
The statement said he is expected to stay for three years and help support the bank’s implementation of Pillar 2 and 3 of the Basel II and III capital frameworks and strengthen its risk-based supervisory framework.
The West African country is in the grip of an economic catastrophe, with inflation exceeding 50 per cent and the cedi currency falling precipitously.
(Reuters/NAN)
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