The Bank of Ghana has appointed Dr. Joseph O. France as an Advisor to advise the management of Universal Merchant Bank LTD (UMB).
Dr France’s appointment, according to the Bank of Ghana, is in accordance with section 101(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), and takes effect from March 25, 2024.
In a press release announcing this appointment, the BOG said “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 BOG also described his specific responsibilities.
Join our WhatsApp Channel for more news
“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, ” part of the statement said. “Under Act 930, the Advisor may attend meetings of the Board of Directors or Committees of the bank without voting at such meetings.”
See the full statement below:
