BoG appoints advisor to help Universal Merchant Bank with recapitalization, reforms

The Bank of Ghana (BoG) has appointed Dr. Joseph O. France as an advisor to Universal Merchant Bank (UMB) to help the lender with its recapitalization efforts and governance reforms.

In a statement released on Thursday, March 28, the central bank said Dr. France has been tasked with advising UMB's management on monitoring the bank's recapitalization efforts and implementing governance agreements made with the BoG.

"The Advisor is expected to help monitor UMB’s recapitalization efforts and implementation of governance reforms agreed with the Bank of Ghana,” the central bank’s statement read in part.

As advisor, Dr. France will be based at UMB and provide status reports to the BoG on the bank's progress "as frequently as the Bank of Ghana may require."

However, the statement notes that unlike an official administrator, the advisor "does not take over the powers, responsibilities, and duties of the bank’s shareholders, directors, or management."

The move comes as the bank is undergoing reforms and recapitalizing in order to meet new regulatory capital requirements introduced by the BoG.

It aims to help UMB strengthen its financial and governance framework to restore stability and confidence among depositors.

The central bank stressed that UMB remains open under its own management and is committed to promoting a resilient banking sector.