UMB recapitalisation: Don’t panic, have confidence in BoG – Joe Jackson

His role will involve advising UMB’s management, monitoring its recapitalisation efforts, and overseeing governance reforms agreed upon with the Bank of Ghana.

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

Dr France will remain at UMB until otherwise advised by the BoG and will provide the central bank with a status report on the bank as frequently as required.

The BoG has assured UMB’s depositors and customers in a statement that the bank remains open for business under the control of UMB’s management team.

This should give you confidence that the central bank is playing its role and that they are stepping in before things really get bad

The Bank of Ghana gave banks up to the end of September 2023 to provide their recapitalization plans.

This was to ensure that banks whose capitals are below the minimum capital requirement quickly build it up to GH¢400 million as proposed by the Central Bank.