Business

Bank of Ghana appoints Dr. Joseph France as advisor for the management of UMB

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

This appointment aligns with the provisions outlined in the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930).

In a statement issued by the Central Bank, it was stated that the Advisor’s role includes monitoring UMB’s recapitalization efforts and overseeing the implementation of governance reforms as agreed upon with the Bank of Ghana.

The statement further indicated that Dr. France will remain in his position at UMB until further notice from the Bank of Ghana. Additionally, he will be responsible for providing the regulator with regular status reports on the bank as requested.

“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 also assures depositors and customers of Universal Merchant Bank LTD (UMB) that the bank continues its operations under the management team of UMB.

The Central Bank reiterated its dedication to fostering a stable and robust banking sector that upholds the trust and confidence of the public.

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