Afua Kyei, Bank of England’s first Black executive director

Staff WriterLast Updated: April 7, 2025

3 minutes read

British-born Ghanaian Afua Kyei made history after joining the Bank of England in 2019 as its Chief Financial Officer (CFO) and Executive Director—becoming the first Black person to hold the position in the over three-century history of the bank. She was 36 at the time.

Today, she stands not only as a financial powerhouse but as a beacon of representation and change at the heart of Britain’s central banking system. As CFO, Afua is responsible for finance, strategy, performance, and taxes. Her role places her at the helm of major financial governance, including overseeing a balance sheet that peaked at over £1 trillion during the COVID-19 pandemic.

She also played a pivotal role in modernising the Bank’s funding model, a transformation reflected in the Financial Services and Markets Act 2023. She also a member of Bank of England’s board overseeing the upgrade of the UK’s Real Time Gross Settlement System, Critical National Infrastructure, which processes over £700 billion payments each day.

Afua’s leadership extends beyond numbers; as a co-executive sponsor for both Diversity, Equity and Inclusion and the Bank’s Climate Change disclosures, she’s pushing for culture shifts in the institution. Her presence is not just impactful internally, she also represents the bank at key international platforms, which includes the International Monetary Fund (IMF), the Group of Twenty (G20), Conference of the Parties (COP) and community events.

From 2000 to 2004, Afua studied Chemistry at Somerville College, Oxford University, where she was chosen to join Professor Sir Jack Baldwin’s research group. Her work in Organic Chemistry, which focused on using Organic Synthesis to create anti-tumorous molecules, was published in a global scientific journal. In addition to earning a Master’s degree, Princeton University granted her a Junior Research Fellowship in Organic Chemistry.

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Before transitioning to banking, Afua began her financial career in audit with Ernst & Young, where she qualified as a Chartered Accountant (ICAS). She worked at Union Bank of Switzerland (UBS) from 2007 to 2012 as an investment banker in the Financial Institutions Group and in Group Strategic Advisory for Mergers and Acquisitions during the Global Financial Crisis.

She was a member of the team that provided Royal Bank of Scotland (RBS) with advice during the financial crisis regarding its capital issuance of £33.5 billion to HM Treasury, its involvement in HM Treasury’s £282 billion Asset Protection Scheme, and the divestitures required as part of EU State Aid remediation.

Subsequently, Afua built an impressive career at Barclays, where she served as CFO of Mortgages and contributed to the bank’s sweeping TRANSFORM cost strategy.

Reflecting on the significance of her journey, Afua once shared: “I have been the only one in the room for most of my career, and that is something I had to get used to. But I don’t want that to be the experience for the next generation.” She added, “I am passionate about creating a world that is more inclusive and where everyone can thrive and succeed regardless of their background.”

Her trailblazing journey hasn’t gone unnoticed. In 2023, Afua was chosen to be an Honorary Fellow of Oxford University’s Somerville College. In the same year, she was also awarded the Freedom of the City of London and named among the 100 Most Reputable Africans.

Afua was named the most influential Black woman in the UK on the Powerlist 2024 and 2025 and earned the 2024 Executive of the Year Award, sponsored by the Executive Leadership Council. In the same year, she topped the Empower Global Executives Role Model List and was recognized by the Women of the Year Awards.

Afua Kyei is more than a financial leader—she’s a visionary determined to create better outcomes for society and reimagine what inclusive leadership looks like at the highest levels.

Written by Kweku Sampson.