Board Members

Mr. Ras A. Boateng
Board Chairperson

Mr. Ras A. Boateng, CFA is a top level professional with over twenty years of broad management experience in Insurance, Fund Management and Investment Banking.
Until May 2010, Ras was the Chief Executive Officer of the National Health Insurance Authority (NHIA) where he served as the key architect and builder of Africa’s first successful social health insurance program.
Prior to joining the NHIA, Ras had held other executive positions such as Deputy Director General (SSNIT -Ghana), Vice President and Director of Investments (Hanover Investments, Inc – USA), Vice President, Debt Capital Markets (Paine Webber Inc., USA), Actuarial Associate, Group Pension & Employee Benefit Services (Connecticut General life Insurance Company—CIGNA, USA).
Ras was educated at the Massachusetts Institute of Technology – MIT, where he earned an (MSc. Management with concentration in Finance and Applied Economics); (BSc. Industrial Engineering & Applied Mathematics); University of Illinois – Urbana Champaign (Post Graduate Certificate, Investment Analysis and Portfolio Management).

Mr. Ras A. Boateng, CFA is a top level professional with over twenty years of broad management experience in Insurance, Fund Management and Investment Banking.
Until May 2010, Ras was the Chief Executive Officer of the National Health Insurance Authority (NHIA) where he served as the key architect and builder of Africa’s first successful social health insurance program.
Prior to joining the NHIA, Ras had held other executive positions such as Deputy Director General (SSNIT -Ghana), Vice President and Director of Investments (Hanover Investments, Inc – USA), Vice President, Debt Capital Markets (Paine Webber Inc., USA), Actuarial Associate, Group Pension & Employee Benefit Services (Connecticut General life Insurance Company—CIGNA, USA).
Ras was educated at the Massachusetts Institute of Technology – MIT, where he earned an (MSc. Management with concentration in Finance and Applied Economics); (BSc. Industrial Engineering & Applied Mathematics); University of Illinois – Urbana Champaign (Post Graduate Certificate, Investment Analysis and Portfolio Management).
Ras was first Ghanaian awarded the CFA Charter, he significantly influenced the selection of Accra as the sole CFA examination centre for West Africa and served on the CFA examination board as a grader of CFA professional examinations from 1997 until 2008. He co-chaired the National Bond Market Development Committee whose work culminated in recommendations to the Ghanaian government for sovereign credit rating, a global bond issue and a central securities depository (CSD) of the Ghana Stock Exchange. Ras serves as a Director on the Boards of Millennium Insurance Company, and Universal Merchant Bank.
He is a member of the Chartered Financial Analysts Institute and a member of the Boston Securities Analysts Society. Ras is an avid reader of history, philosophy and social development.

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Mr. Benjamin Kwabla Amenumey
Chief Executive Officer

Mr. Benjamin Amenumey is the Chief Executive Officer of UMB. Prior to his appointment, he was the Chief Operating Officer of the Bank from 2016 to 2019.

Benjamin is a focused and highly motivated Management and Banking Professional with over 30years’ extensive experience and has in-depth knowledge and experience across the whole spectrum of Banking Operations as well as Management. He previously worked with Agricultural Development Bank and Barclays Bank Ghana (now Absa Bank Ghana). He is a Chartered Banker and holds an Executive MBA in Marketing.

With a strong passion for building up the next generation of leaders, Benjamin is a known change-maker in youth development, through education and mentorship programmes that engage, inspire, develop and empower the youth to aspire to become transformational leaders wherever they find themselves. Benjamin is also an ordained man of God.

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Mr. Mawuli Hedo
Board Member

Mr. Mawuli Hedo is an Investment Banker and is currently the Chief Executive Officer of The FirstGroup Ghana Ltd. FirstGroup is a Management Consultancy Firm and a Private Equity Company. Prior to joining FirstGroup Ghana, Mawuli was the CEO of FirstBanC Financial Services. He worked with Strategic African Securities Finance Group prior to FirstBanC. He has been involved in many Corporate Finance deals on the Ghana Stock Exchange.

He led the team in the marketing of the first retail bond in Ghana; the Government of Ghana’s Golden Jubilee Bonds. The Marketing of the Bonds took him to the United Kingdom, (UK), USA, Germany, and Canada where the bonds were marketed to Ghanaians in the Diaspora. In June 2008, Mawuli made a presentation to the members of Parliament at Ghana’s Parliament House to defend the need for raising local retail finance for developmental projects. Mawuli holds an MSc in Finance.

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Prof. Eric Osei-Assibey
Board Member

Prof. Eric Osei-Assibey is an Associate Professor at the Department of Economics, University of Ghana, and a former Head of the Department of Distance Education of the same University.  He is also a Senior Research Fellow at the Institute of Economic Affairs (IEA), Accra and a Non-resident Research Fellow at the CEQ Institute, Tulane University, USA. Prof. Osei-Assibey holds PhD in Development Economics from, Nagoya University.

He is a Post-Graduate Scholar at the Brown International Advanced Research Institutes (BIARI) at the Brown University, USA, where he studied ‘Development and Inequality in the Global South’.

His consultancy and research interests are in monetary policy, banking regulations and financial inclusion issues. He is also an expert in development macroeconomic and fiscal policy issues, international finance issues, poverty and inequality issues. He has published extensively in leading international journals such as the Saving and Development Journal, Journal of Financial Economic Policy, International Journal of Finance and Economics, International Journal of Financial Services Management, Journal of International Development, Journal of Economic Studies, Review of Development Economics, The Development Journal, International Journal of Social Economics, etc.

He has consulted for many government agencies and international organizations, including government agencies such as the Ministry of Finance, Ministry of Trade and Industry, National Development Planning Agency, Ghana Statistical Service etc., and for development partners including UNICEF, UNDP, UNFPA, the World Bank, ECOWAS Commission, GIZ, IFPRI, Oxfam, GOGIG (DFID), ActionAid, Compassion Inc. etc., as well as corporate firms such as the Pricewatercoopers (PwC) and commercial banks.

He is a member of the International Banking, Economics and Finance Association (IBEFA), USA and the African Economic Research Consortium (AERC) network, Kenya, as well as, an eminent member and lead Subject Matter Expert of Chartered Institute of Supply Chain Management (CISCM). He is also a Visiting Professor in many universities outside Ghana and serves on a number of boards within and outside the University. He is married with three beautiful children.

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Mr. Tanko Nuhu Yakubu
Board Member

A businessman with several years’ involvement in the Ghanaian market setting, Tanko Nuhu Yakubu has a desire for achievement in competitive commercial environments.  He runs the biggest mobile phone and accessories business in the Northern Region of Ghana, trading from the central business district in Tamale.
In the formal space, he has accumulated nearly two decades of continuous service in the financial sector. In his immediate past occupation, he was the Northern Regional Coordinator of the Microfinance and Small Loans Centre (MASLOC) between 2007 and 2010. In this pioneering position, he laid the framework for the launching of the institution in the region, and was the focal person in the government’s efforts to lessen rural and urban poverty in that part of the country.

Before that, he was the manager of the West Mamprusi Community Bank, Walewale, from 2000 to 2005, having previously worked at the Ghana Cooperative Bank between 1989 and 2000, where he served his last two years as a branch manager.
He holds a Master of Philosophy degree from the University for Development Studies, Tamale, and a Bachelor’s degree in Botany with Zoology from the University of Ghana, Legon.
He has had widespread training in banking and management at the National Banking College, the Ghana Microfinance Institutions Network (GHAMFIN) and comparable high-profile establishments, and his specific areas of concentration comprise microfinance, SME development and retail banking. Born in 1961, he is married with five children.

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Mr. Menson Torkornoo
Board Member

Mr. Menson Torkornoo was the Managing Director and Chief Executive Officer of Amalgamated Bank Limited (now Bank of Africa, Ghana).Mr. Torkornoo was also the Deputy Managing Director prior to becoming the substantive Managing Director.
He joined Amalbank in June 2006 with over 10 years banking experience as the Head of Foreign and International Operations at the then Oceanic Bank International PLC of Nigeria. Mr. Torkornoo had a stint with Stoy Hayward, Chartered Accountants, the 7th largest Accounting Firm in London for six months in 1989.

Mr. Menson Torkornoo was the Managing Director and Chief Executive Officer of Amalgamated Bank Limited (now Bank of Africa, Ghana).Mr. Torkornoo was also the Deputy Managing Director prior to becoming the substantive Managing Director.
He joined Amalbank in June 2006 with over 10 years banking experience as the Head of Foreign and International Operations at the then Oceanic Bank International PLC of Nigeria. Mr. Torkornoo had a stint with Stoy Hayward, Chartered Accountants, the 7th largest Accounting Firm in London for six months in 1989.
He is a Chartered Accountant (CA Ghana) and a Chartered Banker ACIB, Chartered Institute of Bankers, Nigeria (CIBN).
He also holds a Post Graduate Diploma in Management Sciences and MBA in Banking and Finance both at Enugu State University of Science and Technology in Nigeria. He is also a Fellow of the Board Room Institute (FBI).

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Ms. Evelyn Duku
Board Member

Evelyn Duku is founding partner and practice manager for Depps Law Consult Limited.  She is a member of the Ghana Bar Association and brings to bear 20 years of experience in legal work, marketing, banking and finance. Her core competencies are Corporate Advisory Services, Change Management, Leadership and Negotiation Skills.

Prior to setting up Depps Law Consult Limited, Evelyn had a five year stint as Managing Director for Kent House Securities Limited.  Her previous roles include Manager, Banking Services, Manager Corporate Banking and Head of Asset Management at First Atlantic Bank.

She had her First Degree BA (Hons) in English and History from University of Ghana, Legon, LLB from the University of London and a Postgraduate Diploma from Chartered Institute of Marketing, UK. She holds a Masters in Business Administration (MBA) from the University of Wales, Cardiff.  She obtained her BL from the Ghana School of Law.

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Mr. Kwasi Okoh
Board Member

Mr. Kwasi Okoh is currently Managing Director of Aluworks Limited, the only aluminium cold rolling mill in Ghana. He has been CEO of Dannex Limited a pharmaceutical manufacturing and marketing company in Ghana; CEO of Unilever Tanzania in East Africa, an FMCG manufacturing and marketing company based in Dar Salaam; and CEO of West Africa Popular Foods Nigeria, a joint venture company that he set up for Unilever in partnership with Dangote Limited, the commodities giant in Nigeria.
Prior to then, he was Customer Development Manager for Unilever in Africa, the Middle East and in Turkey, a job which took him particularly to all parts of Africa. He has had extensive managerial experience having served with Unilever for 32 years in various capacities and in many different countries including several top executive positions.

Mr. Okoh considers himself to be of a qualified and proficient general management persuasions, having been thoroughly schooled by Unilever in managerial practice. He is by formal profession a Chartered Accountant and member of the Institute of Chartered Accountants, Ghana; with an MBA from Strathclyde University, Glasgow, Scotland; and is a product of the School of Administration, University of Ghana, Legon. He is a Fellow of the Institute of Directors in Ghana.
In addition to having managed several national sports organisations in his spare time, Mr. Okoh has held Directorships in many companies in Ghana and abroad, and currently is a Director of Aluworks Limited, Research International, Expandable Polystyrene Products and Trading Limited, WT-2 Company Limited and Immediate Past Chairman of Board of Governors of Achimota School.

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Dr. William Mensah
Board Member

Dr. Mensah was appointed to the UMB Board of Directors on June 1, 2017. Dr. Mensah is the Deputy Chief Executive, in charge of Finance and Administration of Ghana Cocoa Board, having held this position since 2005. He has over 37 years of working experience in the Public Sector with over 25 years in senior managerial positions.

Dr. Mensah has in-depth knowledge of corporate finance, financial analysis, budgetary control, international marketing and performance management. A strong advocate of effective organisational management, business planning and strategic positioning, Dr. Mensah has considerable experience working in the public sector and with public sector and private sector clients. He has successfully concluded specialist assignments for the public sector, Government departments, state agencies and related bodies.
Dr. Mensah served on the HFC Bank Board from 2012 to 2014, contributing immensely to the strategic direction of the Bank. He also serves as a member of the Tema Chemicals Ltd. board and Joy Oilfields Ltd. board. Dr. Mensah holds a Doctorate of Business Administration degree from Swiss Management Center (SMC) University (2014), and a Master of Business Administration Degree from the University of Salford (2001) in the United Kingdom. He is a member of the Institute of Chartered Accountants (Ghana)-(1990) with 27 years of post-qualification experience as a Chartered Accountant. He is a member of the Chartered Management Institute (CMI) (UK) and a member of Chartered Institute of Personnel and Development (CIPD) (UK) and also an Associate member of Certified Fraud Examiners (CFE).

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Mrs. Brenda Semevo Afari
Company Secretary

Mrs. Brenda Semevo Afari joined Universal Merchant Bank in April 2015, after seven very successful years as Chief Legal Affairs and Corporate Governance Officer at the Forum for Agricultural Research in Africa, a technical arm of the African Union Commission responsible for implementing Pillar IV of the Comprehensive African Agriculture Development Program (CAADP Pillar IV).
She has considerable experience in the Ghanaian financial sector having worked with Standard Chartered Bank Ghana Limited for 4 years and for another three years with Awoonor Law Consultancy a reputable firm of Corporate and Investment Lawyers.

Mrs. Brenda Semevo Afari joined Universal Merchant Bank in April 2015, after seven very successful years as Chief Legal Affairs and Corporate Governance Officer at the Forum for Agricultural Research in Africa, a technical arm of the African Union Commission responsible for implementing Pillar IV of the Comprehensive African Agriculture Development Program (CAADP Pillar IV).
She has considerable experience in the Ghanaian financial sector having worked with Standard Chartered Bank Ghana Limited for 4 years and for another three years with Awoonor Law Consultancy a reputable firm of Corporate and Investment Lawyers.
She has supported institutions in obtaining and administering loans and / or grants from financial institutions and international development organizations including the World Bank and European Union Commission and has facilitated the efficient running of Boards across the continent.
Brenda is a Lawyer with 15 years hands on experience in the general practice of law and corporate governance. Specialized areas of law include business/commercial, investment and corporate law, legal aspects of banking and finance and international non-profit organizations. Her work has taken her to over 15 countries in Africa and Europe.
She holds an LLM in Banking and Finance from the London School of Economics and Political Science, an LLB from the University of Ghana and GCE O and A Levels from Achimota School. She is also in the final stage of gaining membership to the Institute of Chartered Secretaries and Administrators, London UK and is a Chevening Scholar.

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