The Bank of Ghana (BoG) has appointed Dr Joseph O. France as a Management Advisor to the Universal Merchant Bank Ltd. (UMB).

Dr France, former Head of Financial Stability at the Bank of Ghana, will offer guidance to UMB’s management, oversee its recapitalisation efforts, and ensure compliance with governance reforms agreed upon with the central bank.

This appointment aligns with section 101(1) of the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930).

Dr France will serve at UMB until otherwise instructed by the Bank of Ghana, providing regular status reports as required.

Dr France's role as an advisor does not entail assuming the powers or duties of UMB's shareholders, directors, or management.

Despite this oversight, the Bank of Ghana assures UMB's depositors and customers that the bank remains operational under the control of its existing management team.

Regarding recapitalisation, the Bank of Ghana mandated banks to submit their plans by September 2023, aiming to raise their capital to GH¢400 million.

Presently, more than half of the country's 23 banks have met this requirement, according to Dr Ernest Addison, the Governor of the Bank of Ghana.