• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

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

1 year ago
in Banking & Finance, Business, Editor's pick, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
2.8k
VIEWS
Share on FacebookShare on TwitterShare on Linkedin
  • 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.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions 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.

Tags: Appoints Advisorappoints Dr. Joseph France as Advisor to the BankBank of Ghana Appoints Advisor to UMB Bank Amid Governance ReformsBank of Ghana Places Universal Merchant Bank Under AdministrationBOGBoG puts UMB under 'administration'Dr. Joseph O. France tasked with overseeing recapitalization initiatives as UMB Bank remains under existing managementGhana's Central Bank Steps In to Rescue Universal Merchant BankUMB
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.