- Bank of Ghana Appoints Advisor to UMB Bank Amid Governance Reforms
- Dr. Joseph O. France tasked with overseeing recapitalization initiatives as UMB Bank remains under existing management
In a move aimed at bolstering stability and governance within Ghana’s banking sector, the Bank of Ghana has appointed Dr. Joseph O. France as an Advisor to Universal Merchant Bank LTD (UMB).
Effective from March 25, 2024, Dr. France’s mandate includes overseeing UMB’s recapitalization efforts and ensuring the implementation of governance reforms in line with regulatory directives.
The decision falls under the purview of section 101(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which empowers the Bank of Ghana to take proactive measures to safeguard the integrity of financial institutions.
Unlike an Official Administrator, Dr. France’s role does not entail assuming the powers or responsibilities of UMB’s shareholders, directors, or management. Instead, he will collaborate with the existing leadership to steer the bank through its restructuring process.
Acknowledging the distinction between an Advisor and an Official Administrator, the Bank of Ghana emphasized that UMB Bank’s day-to-day operations remain uninterrupted and firmly under the stewardship of its existing management team.
Dr. France is mandated to provide regular updates on UMB’s operations, aligning with the regulatory reporting requirements set forth by the central bank.
The appointment of Dr. France underscores the Bank of Ghana’s commitment to promoting a sound and resilient banking sector that retains the trust and confidence of the general public.
By providing guidance and oversight, the aim is to ensure that UMB Bank emerges stronger and better equipped to meet the evolving needs of its stakeholders.
In a statement, the Bank of Ghana reassured stakeholders that UMB Bank’s operations continue without disruption, emphasizing its dedication to fostering a transparent and accountable financial ecosystem.
Dr. France’s tenure as Advisor to UMB Bank remains contingent upon the directives of the Bank of Ghana, reflecting a proactive approach to regulatory oversight in the interest of the broader economy.
The appointment of Dr. France comes at a critical juncture for UMB Bank as it navigates through regulatory reforms and works towards enhancing its governance framework. With his expertise and guidance, UMB Bank is poised to chart a course towards sustainable growth and resilience in the face of evolving market dynamics.
As Ghana’s banking sector undergoes transformation, the role of advisors like Dr. France serves as a beacon of stability and confidence, signaling the commitment of regulatory authorities to uphold the highest standards of integrity and transparency.
