Accra, March 28, GNA – The Bank of Ghana has appointed Dr Joseph O. France as an Advisor to the Management of Universal Merchant Bank LTD (UMB) effective 25th March 2024.
This is in accordance with section 101(1) of the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930).
A statement issued by the Bank said the Advisor was expected to help monitor UMB’s recapitalization efforts and implementation of governance reforms agreed with the Central Bank.
It said the Advisor would be at post at UMB until otherwise advised by the Bank of Ghana and would furnish the Bank of Ghana with a status report on the bank as frequently as required.
The statement said it was important to note that an Advisor, unlike an Official Administrator, would 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 Central Bank assured depositors and customers of UMB that the bank remained open for business under the control of UMB’s management team.
The Bank of Ghana remained committed to promoting a sound and resilient banking sector that retains the trust and confidence of the public, the statement added.
GNA