A government spokesperson on Economy, Manasseh Appa Boahen, has explained that the International Monetary Fund (IMF) assigning a Resident Adviser to the Bank of Ghana (BoG) is nothing new.
He indicated that although the Central Bank requested the resident adviser, Leonard Chumo, it will not be at the cost of the state.
“The Bank of Ghana requested for the man to provide technical assistance and capacity building so they can supervise and ensure effective work.
“The advantage of this is that his employment is not at the cost of the state. It’s Switzerland that is funding his payment,” he said.
He explained that the IMF programme also involves the provision of technical assistance to strengthen the beneficiary’s economy aside from monetary support.
“Every member of the IMF programme mostly gets technical assistance. Aside from the monetary deals in IM, technical assistance is very key people are appointed to train heads of the financial sector on tax collection, how to implement good policies, and how to catch tax evaders to help strengthen the economy.”
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“As part of this training, he was brought to strengthen the supervision of the Bank of Ghana so it doesn’t necessarily mean Bank of Ghana supervision is poor. It is to enhance the activities of Bank of Ghana and the relationship between the BOG and IMF,” he clarified on Accra-based Neat FM.
IMF has appointed Mr Chumo, Resident Adviser in financial sector supervision to provide technical assistance and help build the capacity of the banking supervision function for the next three years.