BoG appoints advisor for UMB

The Bank of Ghana has appointed Dr. Joseph O. France as an advisor to the management of Universal Merchant Bank LTD (UMB) effective March, 25 2024.

The advisor is expected to help monitor UMB’s recapitalisation efforts and implementation of governance reforms agreed with the Bank of Ghana.

This was in a BoG press release issued on March, 28 2024 stating that, the move is in accordance with section 101(1) of the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930).

The advisor is also expected to be at post at UMB until otherwise advised by the Bank of Ghana and will furnish the central bank with a status report on the UMB as frequently as it may require.

“It is important to note that an advisor, unlike an Official Administrator, does not take over the powers, responsibilities, and duties of the bank’s shareholders, directors, or management.

“Under Act 930, the advisor may attend meetings of the Board of Directors or Committees of the bank without voting at such meetings,” the BoG explained.

It further assured depositors and customers of UMB that the bank remains open for business under the control of UMB’s management team.

It added that “the Bank of Ghana remains committed to promoting a sound and resilient banking sector that retains the trust and confidence of the general public”.

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