Bank of Ghana appoints Dr. Joseph O. France to help monitor UMB’s recapitalization efforts

In accordance with section 101(1) of the Banks and Specialised DepositTaking Institutions Act, 2016 (Act 930), the Bank of Ghana (BoG) has appointed Dr. Joseph O. France as an Advisor to advise the management of Universal Merchant Bank LTD (UMB) effective 25th March, 2024.

The Advisor, according to the BoG, is expected to help monitor UMB’s recapitalization efforts and implementation of governance reforms agreed with the Bank of Ghana.

A statement issued by the BoG on Thursday March 28 said he will be at post at UMB until otherwise advised by the Bank of Ghana and will furnish the Bank of Ghana with a status report on the bank as frequently as the Bank of Ghana 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 Bank of Ghana takes this opportunity to assure depositors and customers of UMB that the bank remains open for business under the control of UMB’s management team.

“The Bank of Ghana remains committed to promoting a sound and resilient banking sector that retains the trust and confidence of the general public,” the statement said.

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