Bank of Ghana has appointed an advisor in the person of Dr. Joseph O. France to oversee the recapitalization efforts of Universal Merchant Bank Limited, commencing from March 25, 2024.

According to a statement released by the Central Bank, Dr. France will offer guidance to UMB's management in supervising the implementation of governance reforms agreed upon by UMB and the Bank of Ghana.

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

“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,” the statement said.

“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,” it added.

Nonetheless, the BoG gave UMB's clients and depositors the reassurance that the financial institution is still operational and run by the management group of UMB.The Central Bank went on to say that it is still dedicated to fostering a stable and resilient banking industry that continues to enjoy the public's trust.

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