The Bank of Ghana (BoG) has appointed Dr Joseph O. France as a Management Advisor to the Universal Merchant Bank Ltd. (UMB).
Dr. France is the Former Head of Financial Stability at the Bank of Ghana.
His role will involve advising UMB’s management, monitoring its recapitalization efforts, and overseeing governance reforms agreed upon with the Bank of Ghana.
The appointment is in accordance with section 101(1) of the Banks and Specialized Deposit Taking Institutions Act, 2016 (Act 930).
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.
The Bank of Ghana in a statement assured UMB’s depositors and customers that the bank remains open for business under the control of UMB’s management team.