The Bank of Ghana (BoG) has appointed Dr. Joseph O. France as an Advisor to Universal Merchant Bank LTD (UMB).
The appointment which took effect from March 25, 2024, is in accordance with section 101(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
Banks were given up to the end of September 2023 to provide their recapitalization plans to ensure that banks whose capitals are below the minimum capital requirement build it up to GH¢400 million.
In a statement, the Central Bank explained it aims to bolster UMB’s recapitalization efforts and ensure the effective implementation of governance reforms.
“His expertise will be instrumental in safeguarding the interests of depositors, shareholders, and the general public. Importantly, it is essential to note that unlike an Official Administrator, Dr. France will not assume the powers, responsibilities, or duties of UMB’s existing management team.
“Under Act 930, Dr. France will have the privilege of attending meetings of UMB’s Board of Directors and Committees, although he will not participate in voting. His primary focus will be on providing strategic guidance and ensuring compliance with regulatory requirements,” portions of the statement noted.
Meanwhile, BoG has assured that UMB remains fully operational and open for business under the control of its existing management team.
It urged depositors and customers to continue to rely on UMB’s services with confidence.
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Below is the statement:
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