I don't know that it necessarily has to be centered, but the text needs to be set in farther from the border. It has no breathing room, and maybe it's the size that it's displayed at, but I feel like there could be a lot better use of the space, because it feels too compressed. I'd change it to square format if it's for display, and not print, and then set the borders a lot closer to the edges on the top and the bottom. But if you are constrained to the print size, I'd suggest making the sides of the border less heavy and set them closer to the edge, giving the image more room. This would work better from a design standpoint. You're already framing the image in a frame, why would you want to use so much of your real estate with another one? (Personally I'd take the frame out altogether, but that's me.) It will give you more leeway with the text placement and you'll be able to fit a much larger image.
Just my thoughts.