Bank of Ghana appoints advisor to monitor UMB's recapitalization efforts

The Bank of Ghana has appointed Dr. Joseph O. France to serve as an advisor to monitor the recapitalization efforts of Universal Merchant Bank Limited effective March 25, 2024.

A statement issued by the Central Bank said the advisor is expected to provide UMB's management with guidance to oversee implementation of governance reforms as agreed by UMB and the Bank of Ghana.

The apex bank said the appointment is in accordance with section 101(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

“The Advisor 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,” the statement said.

“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 added.

The BoG however assured depositors and customers of UMB that the financial institution remains open for business under the control of UMB’s management team.

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



MA/NOQ