The former Managing Director of UMB Bank, Nana Dwemoh Benneh has been appointed by President Akufo-Addo as the Chief Executive Officer of the Ghana Infrastructure Investment Fund (GIIF).
He takes over from Solomon Asamoah.
Mr. Benneh’s appointment which takes effect from Monday 13 May 2024 is in line with Section 25 (1) of the Ghana Infrastructure Investment Fund Act 2014 (Act 877).
Confirmation of the appointment, however, is pending receipt of the constitutionally required advice from the governing board of the Fund, given in consultation with the Public Services Commission.
GIIF is a permanent investment vehicle established by the Government of Ghana with US$325 million anchor equity to act as a catalyst to leverage private sector funds into infrastructure assets in Ghana. The Fund has a governance structure that is independent of day-to-day government control.
GIIF’s mandate gives it the ability to set up, invest and/or manage ringfenced sub-funds such as project development funds as well as sector funds, such as affordable housing. GIIF can also undertake non-cash generative, non-profit strategic interventions, separately funded so as not to affect GIIF’s profitability.
Entrepreneurial approach
Nana Dwemoh Benneh is expected to lead the staff and management of GIIF under the direction of the governing board to spearhead the fund to achieve its goals, vision, mission and objectives as provided for in the Ghana Infrastructure Investment Fund Act.
Benneh is an inspirational and effective leader with strong interpersonal skills and proven success in driving business performance in high-profile, critical-impact assignments across markets in Africa and in the United Kingdom. He has practical expertise and experience of strategy, sales and marketing, and operational excellence in the financial sector.
He is noted for mentoring and fostering talent and growth leaders in ecosystems that he has had the opportunity to lead. He is expected to bring to bear his strong entrepreneurial approach to managing for value, leading to significant profitable outcomes at GIIF.
Nana Dwemoh Benneh joins UMB with considerable local and international expertise in banking spanning over 15 years. Having worked briefly with Merchant Bank Ltd after his graduate studies, he joined Barclays Bank on Barclays plc’s international business leadership programme, designed to develop business leaders with global and significant pan-African experience.
While with Barclays he had the opportunity to work in various management roles across several countries in Africa as well as in the UK. Having led many dynamic teams as head of retail for Barclay Uganda, he moved to Kenya as the Barclays’s East Africa regional sales manager, with oversight over consumer sales machinery in the bank’s East African businesses.
Subsequently, in 2003, Benneh was appointed director of the SME local business segment for Barclays Africa, based in Johannesburg, South Africa, with responsibility for the bank’s SME strategy for Africa.
From 2005, Benneh worked in corporate banking at Barclays plc in London as sales director for international trade and cash solutions. He returned in 2007 to Barclays Bank Ghana as director of consumer banking and is credited with consolidating the gains in the bank’s consumer banking business after the rapid expansion of the Barclays franchise undertaken between 2006 and 2007.
Benneh joined Stanbic Ghana Ltd as executive director for personal and business banking in October 2013. There he led the team in growing market share and profitability significantly for the bank’s personal and business banking franchise during his tenure of seven years.
From January 2021, he served as the chief executive officer of Universal Merchant Bank (UMB) until leaving office in 2024.
At UMB, he held the bank’s apex executive mandate. He was responsible for over 1,000 employees. UMB is arguably Ghana’s oldest merchant bank, with a 50-year vintage
Benneh holds an executive Master’s degree in business administration (MBA) from the London Business School and a BA with honours in economics and philosophy from the University of Ghana.
He also holds a professional diploma from the UK’s Chartered Institute of Bankers and is an authorised dealing officer of the Ghana Stock Exchange.