The Bank of Ghana has designated Dr. Joseph O. France as an Advisor to Universal Merchant Bank LTD (UMB), effective from March 25, 2024.
Under the purview of section 101(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), Dr. France’s role will primarily focus on overseeing UMB’s recapitalization initiatives and implementation of governance reforms agreed upon with the Bank of Ghana.
An Advisor, unlike an Official Administrator, the BoG asserts, 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.
The tenure of Dr. France’s advisory role at UMB remains contingent upon the directives of the Bank of Ghana. He is mandated to provide regular status updates on UMB’s operations, aligning with the regulatory body’s reporting requirements.
Reassuring stakeholders, the Bank of Ghana underscores that UMB’s day-to-day operations remain uninterrupted and firmly under the stewardship of its existing management team.
According to the Bank of Ghana, it remains committed to promoting a sound and resilient banking sector that retains the trust and confidence of the general public.
Meanwhile, the Universal Merchant Bank (UMB), has welcomed the appointment of Dr. Joseph France as an Advisor to support its recapitalization drive. In a release dated March 28, 2024, the Board of the UMB assured its cherished customers and stakeholders that the Bank is resilient and resolute with an unwavering commitment to continue to work in their best interest.
The Board and Management of the Bank also assured Dr. France of their commitment to work closely on speeding up and concluding the recapitalization process within the stipulated period.
Read the full statement below:
ACCRA. MARCH 28, 2024: The Board of Universal Merchant Bank Ltd (UMB) hereby acknowledges the appointment of Dr. Joseph France as an Advisor to support the Bank in its recapitalization drive as contained in Bank of Ghana’s Press release dated 28th March 2024.
As already known, as part of the post DDEP recovery plan all banks have been given up to December 2025 to restore their minimum paid-up capital. UMB is on track and is its objective to achieve full recapitalisation before the targeted deadline.
The Board therefore is appreciative to the Bank of Ghana for the effort to support the Bank with the appointment of Dr. France for the above-stated purpose.
UMB wishes to assure its cherished customers, all other stakeholders, and the general public that the Bank is resilient and resolute with an unwavering commitment to continue to work in their best interest. The appointment of the Advisor will therefore be complementary to the above commitment.
The Board and Management assures Dr. France of its commitment to work closely on speeding up and concluding the recapitalization process within the stipulated period.
Signed
Board of Directors
UMB
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