While a significant majority of Ghana’s wealthiest individuals continue to shun its local bourse – preferring to build their fortunes through privately-owned companies – a tiny handful of high net-worth individuals keep a portion of their investment portfolios in listed equities on Ghana’s largely illiquid stock market.
Based on figures derived from investment agencies, the latest annual reports and confirmations from capital market registrars, these are the seven richest people who own stocks listed on the Ghana Stock Exchange. The value of their shares is based on prices at the end of trading on Aug. 20, and valuations are converted to U.S. dollars at current exchange rates.
#1 Daniel Ofori
Net worth on the GSE: $28.5 million
Holdings: GCB Bank, Calbank, SIC Insurance, Societe General Ghana
Daniel Ofori is the richest investor on the Ghana Stock Exchange by far. His portfolio includes a 7.49-percent stake in GCB bank worth $17.85 million; a 3.9-percent stake in Calbank worth $2,852,900; a 3.99-percent shareholding in SIC Insurance worth $91,000, and 6.78-percent in Societe General Ghana worth $7.624 million. Ofori, a well-respected Ghanaian serial entrepreneur, has founded a string of successful businesses in the apparel retail, engineering and real estate sectors.
#2 Frank Adu
Net worth on the GSE: $1.9 million
Frank Adu owns a 2.63-percent stake in Calbank, one of Ghana’s largest commercial banks. His stake is worth $1.9 million. Adu is the immediate past CEO of the bank and won the prestigious African Banker of the Year award in 2018. Adu, who worked at Calbank for 30 years before retiring last year, is credited with transforming CalBank from a tiny corporate-focused bank to a universal bank with 28 branches and close to 1,000 employees and a balance sheet in excess of $1.2 billion.
#3 Ebenezer Twum Asante
Net worth on the GSE: $1.69 million
Holdings: Scancom PLC (MTN Ghana)
Ebenezer Twum Asante was the first Ghanaian to head Ghana’s leading telecommunications company, Scancom PLC (MTN Ghana). He owns a 0.065-percent stake in the company, which is worth $1.69 million.
#4 Kojo Anim-Addo
Net worth on the GSE: $971,639
Holdings: Standard Chartered Ghana, Benso Oil
Kojo Anim-Addo, an investor on the GSE, owns a 0.23-percent stake in Standard Chartered Ghana worth $952,339, and a 0.14-percent stake in Benso Oil worth $19,300.
#5 Joseph Siaw Agyepong
Net worth on the GSE: $867,548
Holdings: Access Bank Ghana Plc
Joseph Siaw Agyepong, one of Ghana’s most recognizable entrepreneurs and the executive chairman of Jospong Group of Companies, owns 1,500,000 shares in Access Bank Ghana Plc, amounting to a 0.86-percent stake in the company. The shares are worth $867,548.
#6 Gideon Amenuvor
Net worth on the GSE: $583,927
Holdings: Societe General Ghana
Gideon Amenuvor, an investor on the GSE, owns a 0.52-percent stake in Societe General Ghana, a commercial bank in Ghana.
#7 Benjamin Fosu
Net worth on the GSE: $467,141
Benjamin Fosu owns a 0.65-percent stake in Calbank worth $467,141.
Source: Billionaires Africa
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