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Colin Waugh

Director

Colin Waugh has over 20 years experience in global financial markets and began his career at Merrill Lynch specializing in commodities before working at Shearson Lehman Brothers in the US where he was Vice President, Commodities Division. He also operated his own Commodity Trading Advisory firm, C. Macdonald Futures. He has worked extensively in the developing world, particularly sub-Saharan Africa,  where he has been involved in post-conflict project management as well as   investment consulting across the region.  

 AFRICA DIVISION

Paul Kumahor

Director, Africa Operations

Paul Kumahor has over 35 years professional experience in the financial services industry and advising new-to-country businesses across Africa. He began his career with KPMG in Ghana before joining Price Waterhouse in London in 1975. Paul spent 22 years with Price Waterhouse serving in Southern Africa, particularly Mozambique and Zambia, and West Africa where he founded the Liberia and Ghana country practices.

As partner in Price Waterhouse International, Paul served variously as Vice Chairman of the Africa firm, Partner in charge of Emerging businesses in Africa and Managing Partner of Price Waterhouse, West Africa. During the period, he demonstrated his extensive experience in a wide expanse of advisory engagements across various industries. In mining for example, he managed engagements from complex iron ore mining in Liberia to rutile mining in Sierra Leone, copper mining in Zambia and gold mining in Ghana. Paul was one of two partners who floated Ashanti Goldfields (now part of Anglogold Ashanti) on stock exchanges in Ghana, South Africa, New York, London and Toronto. In the financial services industry, Paul served as Project Director in the re-structuring of the financial services industries in Nigeria, Ghana, Liberia and Sierra Leone which resulted in sourcing Asian interest in the initial hiving off of Ghana International Bank in London.

He subsequently established Ernst & Young in Ghana and served as Chairman of Ernst & Young Africa Consulting, Member of the Global Practice Council which was chaired by the Global Chairman and Member of the Governance Board of Ernst & Young NEMIA (Northern Europe, Middle East, India and Africa). He retired in 2008 as the Executive Chairman of Ernst & Young West Africa.

In all these positions, he played a key role in inviting and supporting businesses new to Africa in numerous industry sectors. To this end, he has travelled widely to countries such as Mexico, China, United States, Czech Republic, Hungary, United Kingdom, Germany, France, Italy and others in the service of his clients and the firm. He has also gained valuable entrepreneurial experience serving these clients and by himself establishing virgin country practices in many parts of Africa.

Paul trained as a Chartered Accountant in Ghana and England and is a long-standing member of the Institute of Chartered Accountants in Ghana. He holds an honors degree in Accounting and Business Studies from the University of Ghana where he has taught in the business school. Paul currently holds positions as an elected Fellow of Commonwealth Hall of the University of Ghana and Member of the Board of Trustees of the Catholic University of Ghana.

Ana Paula Santos,

Paula Santos is an experienced financial analyst and corporate banker with particular exposure to firms operating in the commodity sectors in Southern Africa, where she worked for Banco Comercial e de Investimentos as sub-Director, from 1996 to 2009 as well as with Standard Bank Mozambique , where she was Global markets Treasury sales Manager. She has also had first hand involvement with the finance of small and medium-sized enterprises, through her work with the internationally-funded private equity group GCI-Sociedade de capital de Risco. Paula has served consulting attachments with newly privatized entities such as Emocha, in Mozambique and with the International Sugar Organization in London. She is currently managing partner of P&B Consult, a newly-launched Mozambique banking and business advisory firm.

Paula speaks Portuguese, English and Spanish and holds a degree in economics from the Universidade Eduardo Mondlane in Maputo.

Roy Darkin

Senior Associate, Africa

Roy Darkin has over 25 years experience in emerging markets with project finance and management consultancy. His experience includes the identification and development of investment opportunities with a specialisation on renewable natural resources in Africa.

Roy has worked in both the public sector with the Commonwealth Development Corporation and with a range of private companies in Africa. Since 2006 Roy has focussed on the agricultural and bioenergy sectors.

Roy holds an honours degree in Agricultural Botany from Bangor and post graduate qualifications in accounting and finance.
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