The Bank of Ghana (BoG), has appointed an advisor for Universal Merchant Bank Ltd (UMB) to supervise and monitor the bank’s recapitalisation efforts and implement governance reforms.
The appointment of Dr Joseph France is based on some governance lapses identified by the central bank.
A statement issued by BoG on Thursday(28 March), said the advisor will be at post at UMB until otherwise advised by the Bank of Ghana.
“In accordance with section 101(1) of the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930), the Bank of Ghana has appointed Dr Joseph O. France as an Advisor to advise the management of Universal Merchant Bank LTD (UMB) effective 25 March, 2024.
“The Advisor is expected to help monitor UMB’s recapitalization efforts and implementation of governance reforms agreed with the Bank of Ghana. The Advisor will be at post at UMB until otherwise advised by the Bank of Ghana and will furnish the Bank of Ghana with a status report on the bank as frequently as the Bank of Ghana may require.”
“It is important to note that an Advisor, unlike an Official Administrator, 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 BoG statement said.
Press Release on Universal Merchant Bank LTD 26032024 (2) by Fred Dzakpata on Scribd
Reporting by Fred Dzakpata in Accra
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