{"id":166592,"date":"2024-03-28T21:39:52","date_gmt":"2024-03-28T21:39:52","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/03\/28\/umb-recapitalisation-dont-panic-have-confidence-in-bog\/"},"modified":"2024-03-28T21:39:52","modified_gmt":"2024-03-28T21:39:52","slug":"umb-recapitalisation-dont-panic-have-confidence-in-bog","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/03\/28\/umb-recapitalisation-dont-panic-have-confidence-in-bog\/","title":{"rendered":"UMB recapitalisation: Don&#8217;t panic, have confidence in BoG"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Joe Jackson, the Director of Business Operations at Dalex Finance, has assured customers of the Universal Merchant Bank Ltd. (UMB) that there is no cause for alarm regarding the Bank of Ghana\u2019s (BoG) monitoring of the bank\u2019s recapitalisation efforts.<\/p>\n<p>He urged customers to have confidence in the central bank\u2019s role.<\/p>\n<p>The BoG has appointed Dr Joseph O. France, the former Head of Financial Stability at the BoG, as a Management Advisor to UMB. His role will involve advising UMB\u2019s management, monitoring its recapitalisation efforts, and overseeing governance reforms agreed upon with the Bank of Ghana.<\/p>\n<p>This appointment aligns with section 101(1) of the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930). Dr France will remain at UMB until otherwise advised by the BoG and will provide the central bank with a status report on the bank as frequently as required.<\/p>\n<p>Unlike an Official Administrator, the advisor does not assume the powers, responsibilities, and duties of UMB\u2019s shareholders, directors, or management.<\/p>\n<p>The BoG has assured UMB\u2019s depositors and customers in a statement that the bank remains open for business under the control of UMB\u2019s management team.<\/p>\n<p>In an interview with Umaru Sanda Amadu on <strong>Eyewitness News<\/strong> on <strong>Citi FM<\/strong> on Thursday, Mr Jackson stated, \u201cThe depositors and clients of UMB, this should not scare you. This should give you confidence that the central bank is playing its role and that they are stepping in before things really get bad. And your deposits and your transactions are still safe.\u201d<\/p>\n<p><strong>Recapitalisation<\/strong><\/p>\n<p>The Bank of Ghana gave banks up to the end of September 2023 to provide their recapitalization plans.<\/p>\n<p>This was to ensure that banks whose capitals are below the minimum capital requirement quickly build it up to GH\u00a2400 million as proposed by the Central Bank.<\/p>\n<p>Currently, over half of the 23 banks in the country have fully recapitalized, as disclosed by Dr. Ernest Addison, the Governor of the Bank of Ghana.<\/p>\n<p>This indicates progress in meeting regulatory requirements and strengthening the financial stability of the banking industry as the 2025 deadline draws near.<\/p>\n<p>The banks that haven\u2019t fully met the capitalization requirements have made significant strides, meeting more than two-thirds of the required recapitalization over a three-year period.<\/p>\n<p>This suggests a concerted effort within the banking sector to comply with regulatory standards and enhance their financial health.<\/p>\n<p>\u00a0<\/p>\n<hr\/>\n<p><em><strong>Explore the world of impactful news with CitiNewsroom on WhatsApp!<\/strong><\/em><\/p>\n<p><em><strong>Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU:\u00a0https:\/\/whatsapp.com\/channel\/0029VaCYzPRAYlUPudDDe53x<\/strong><\/em><\/p>\n<p><em><strong>No spams, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital<\/strong><\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Joe Jackson, the Director of Business Operations at Dalex Finance, has assured customers of the Universal Merchant Bank Ltd. (UMB) that there is no cause for alarm regarding the Bank of Ghana\u2019s (BoG) monitoring of the bank\u2019s recapitalisation efforts. He urged customers to have confidence in the central bank\u2019s role. The BoG has appointed Dr [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":158629,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-166592","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UMB recapitalisation: Don&#039;t panic, have confidence in BoG - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/03\/28\/umb-recapitalisation-dont-panic-have-confidence-in-bog\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UMB recapitalisation: Don&#039;t panic, have confidence in BoG - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Joe Jackson, the Director of Business Operations at Dalex Finance, has assured customers of the Universal Merchant Bank Ltd. 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