The Bank of Ghana (BoG) has appointed Dr. Joseph O. France as a management advisor to Universal Merchant Bank Ltd. (UMB).
Joseph O. France has been appointed to advise UMB’s management, monitor its recapitalization efforts, and oversee governance reforms agreed upon with the Bank of Ghana.
Dr. France is the former Head of Financial Stability at the Bank of Ghana.
His appointment is in accordance with Section 101(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), a statement from the BoG said.
According to the statement, he will be at UMB until otherwise advised by the Bank of Ghana.
He is also expected to furnish the Bank of Ghana with a status report on the bank as frequently as the Bank of Ghana may require.
While the advisor will provide regular status reports to the Bank of Ghana, it’s important to note that, unlike an official administrator, the advisor does not assume the powers, responsibilities, and duties of UMB’s shareholders, directors, or management.
Meanwhile, the central bank has assured UMB’s depositors and customers that the bank remains open for business under the control of UMB’s management team.
“Under Act 930, the advisor may attend meetings of the board of directors or committees of the bank without voting at such meetings,” portions of the statement read.
By: Rainbowradioonline.com/Ghana
