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BoG appoints an advisor to monitor UMB’s recapitalization

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

This is according to the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

A statement from the Central Bank said the Advisor is expected to help monitor UMB’s recapitalization efforts and implementation of governance reforms agreed with the Bank of Ghana.

The statement pointed out that the Advisor will be at post at UMB until otherwise advised by the Bank of Ghana and will furnish the regulator 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”, it further stressed.

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 added that it 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 Central Bank concluded that it remains committed to promoting a sound and resilient banking sector that retains the trust and confidence of the general public.

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