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BoG appoints Dr. Joseph O. France as monitoring advisor for UMB recapitalisation efforts

The Bank of Ghana (BoG) has named Dr. Joseph O. France as a Management Advisor for Universal Merchant Bank Ltd. (UMB) to aid in its recapitalization process.

BoG appoints monitoring advisor for UMB recapitalisation efforts

Dr. France, formerly the Head of Financial Stability at BoG, will provide guidance to UMB's management, oversee the recapitalization efforts, and ensure compliance with governance reforms outlined by the central bank.

This appointment is in line with section 101(1) of the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930).

Dr. France will serve in this capacity until further notice from the Bank of Ghana, delivering regular status reports as required. However, it's essential to note that his role as an advisor does not involve assuming the powers or duties of UMB's shareholders, directors, or management.

Despite this oversight, BoG reassures UMB's depositors and customers that the bank remains operational under its existing management team.

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The recapitalization mandate, issued by the Bank of Ghana, required banks to submit their plans by September 2023, aiming to raise their capital to GH¢400 million.

Currently, more than half of the country's 23 banks have met this requirement, signaling progress in meeting regulatory standards and bolstering the financial stability of the banking industry as the 2025 deadline approaches.

This content was created with the help of an AI model and verified by the writer.

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