The Bank of Ghana (BoG) has appointed Dr. Joseph O. France as an Advisor for the management of Universal Merchant Bank LTD (UMB) effective 25th March, 2024.
A statement form BoG said the appointment is in accordance with Section 101(1) of the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930).
The Advisor is expected to help monitor UMB’s recapitalization efforts and implementation of governance reforms agreed with the Bank of Ghana.
“The Advisor will be at post at UMB until otherwise advised by the Central Bank and will furnish it the Bank of Ghana with a status report on UMB as frequently as the Bank of Ghana may require,” the statement said.
It explained that, unlike an Official Administrator, an Advisor 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 statement said.
The Bank of Ghana therefore assured depositors and customers of UMB that the bank remains open for business under the control of UMB’s management team.
It also assured that public of its commitment to promoting a sound and resilient banking sector that retains the trust and confidence of the general public.
