Ghana Wealth Report: The 80 Richest People in Ghana & How They Contribute to GDP- Goodman AMC




The Ghana Wealth Report for 2015 was released by Goodman AMC. The report is based on a comprehensive study of more than 100 successful entrepreneurs and investors in Ghana as well as how and what they invest in. This report makes known of fascinating insights about the profiles and net worth of the 80 richest people in Ghana and also provides a compendious review of the wealth sector in Ghana.

Findings from the report shows that tremendous amounts of wealth has been accumulated by Ghanaians during the past 20 years. The report has discovered some intriguing data about the wealthy in Ghana and how they impact on Ghana’s economy and policies.

Ghana’s 80 Richest People control $2.5 billion which represents 6.4% of Ghana’s GDP, they have a combined wealth of $29.3 billion total and employ over 150,000 Ghanaians directly.

Goodman AMC predicts that the wealth held by the wealthiest people in Ghana will rise 8.7% during Ghana’s election year in 2016 next year and decline by 2.1% in 2017.

It has also been quite clear from this report that 92% of the wealthy entrepreneurs and investors in Ghana do not have more capital invested in the Ghana Stock Exchange. The report notes that majority of them do not have equity allocations on the Ghana Stock Exchange and haven’t gone public with their businesses, though most increased their equity holdings in Dubai, Switzerland, South Africa and Frankfurt, Germany.

Another major observation by the Ghana Wealth Report by Goodman AMC ascertains the import reliability of Ghana’s economy; 83% of wealthy entrepreneurs in this report are engaged in the business of importing commodities into Ghana.

Goodman AMC's Ghana Wealth Report discovered 3 billionaires and 77 multimillionaires who all form part of a group of individuals called the Ultra-High-Net-Worth Individuals (UHNWI). Goodman AMC placed the UHNWI cap at $100 million; meaning that only Ghanaian entrepreneurs and investors with a net worth of $100 million and above were considered for this report.

The Ultra-High-Net-Worth Individuals in Ghana are holding so much cash due and not investing in Ghana due to the current market volatility in the country and for lifestyle needs. This suggests that the current financial crisis in Ghana lingers on.

On the 80 Richest People in Ghana list, 5 are women; making Patricia Poku-Diaby the richest woman in Ghana with a net worth of $720 million followed by Theresa Oppong-Beeko, Kate Quartey-Papafio and Gifty Lamptey and Grace Amey-Obeng in that order.

According to this wealth report, Charles Ampofo is the richest person in Ghana and he made his fortune through Kampac Oil; an oil and gas firm based in the business hub of Dubai. He has a net worth of $1.46 billion.

The second on the rich list with an estimated net worth of $1.3 billion is Ernesto Taricone.The vast majority of Taricone’s wealth comes from real estate and his business interest in the aluminium, agriculture, construction and forestry.

The youngest multimillionaire currently in Ghana with a net worth of $125 million is Mike Nyinaku; he is 39 years and the founder of The BEIGE Group, with his primary source of wealth being The BEIGE Capital, a financial institution in Ghana.

The Ghana Wealth Report has also tracked the richest families in Ghana who inherited their wealth and continue to grow their family fortune. The wealthiest family in Ghana according to this Wealth Report is the Irani Family, whose wealth originated when 2 brothers Anthony Irani and Edward Irani both of Lebanese descent came into Ghana in 1967 and set up a flour mill. The Irani Brothers and Others Limited went on to become the largest producer of flour in Ghana.

They are followed by the Awuah-Darko Family who have made their fortune in the insurance and finance sector of Ghana’s economy. The current Awuah-Darko’s inherited VANGUARD Assurance from their late father, Nana Ampem Awuah Darko. The family has built on their late father’s legacy and fortune and now have 4 subsidiaries under the VANGUARD Group and about 10 other companies which are each owned by relatives.

Real estate is the main industry from which Ghana's Ultra-High-Net-Worth Individuals have acquired their wealth - it is the primary source of wealth for 11.25% of Ghana’s rich in this report. Other important industries for UHNWIs include finance and investment (16.25%), oil and gas (10%), mining (6.25%) and diversified (25%).


Click on each billionaire or millionaire’s name to get more information and insights on what and how they invest. 



#1 CHARLES AMPOFO                      

Est. Net Worth: $1.46 Billion             

Source: OIL & GAS         


#2 ERNESTO TARICONE               

Est. Net Worth: $1.3 Billion              

Source: REAL ESTATE  


#3 SAM ESSON JONAH                  

Est. Net Worth: $1.2 Billion            

Source: INVESTMENTS


#4 NABIL EDMOND MOURKAZEL                    

Est. Net Worth: $900 Million            

Source: COMMODITIES



Est. Net Worth: $860 Million           

Source: MINING


#6 MOHAMMED AHMED ODAYMAT             

Est. Net Worth: $850 Million            

Source: DIVERSIFIED


#7 THE IRANI FAMILY                       

Est. Net Worth: $800 Million            

Source: FLOUR


#8 PATRICIA POKU-DIABY            

Est. Net Worth: $720 Million             

Source: COCOA, COTTON


#9 THE KALMONI FAMILY             

Est. Net Worth: $700 Million             

Source: DIVERSIFIED


#10 KWABENA DUFFUOR               

Est. Net Worth: $680 Million            

Source: FINANCE



Est. Net Worth: $650 Million           

Source: FINANCE


#12 MILAD MILLET & FAMILY          

Est. Net Worth: $620 Million         

Source: TEXTILES


#13 JOSEPH SIAW AGYEPONG       

Est. Net Worth: $600 Million           

Source: DIVERSIFIED


#14 RAMCHAND UDHARAM MOHINANI          

Est. Net Worth: $580 Million            

Source: DIVERSIFIED


#15 ADAMU IDDRISU                      

Est. Net Worth: $550 Million            

Source: FINANCE, COCOA


#16 THE HITTI FAMILY                  

Est. Net Worth: $540 Million               

Source: DIVERSIFIED


#17 THE AZAR FAMILY                  

Est. Net Worth: $520 Million                

Source: PAINTS


#18 KWABENA ADJARE DANQUAH         

Est. Net Worth: $500 Million                

Source: ENGINEERING


#19 GHASSAN YARED                    

Est. Net Worth: $480 Million                

Source: DIVERSIFIED 


#20 SERGE BAKALIAN                  

Est. Net Worth: $460 Million                 

Source: FLOUR


#21 THE BITAR FAMILY                

Est. Net Worth: $450 Million                

Source: LUMBER


#22 THOMAS SVANIKIER              

Est. Net Worth: $435 Million                

Source: DIVERSIFIED


#23 SAIED FAKHRY                         

Est. Net Worth: $430 Million              

Source: PLASTICS


#24 THERESA OPPONG-BEEKO     

Est. Net Worth: $420 Million            

Source: REAL ESTATE


#25 PAPA KWESI NDOUM               

Est. Net Worth: $410 Million             

Source: DIVERSIFIED


#26 KWABENA ADJEI                       

Est. Net Worth: $400 Million            

Source: ALCOHOL


#27 ENRICO DE SIMONE                  

Est. Net Worth: $400 Million           

Source: CONSTRUCTION


#28 B.K. AMANDI                               

Est. Net Worth: $400 Million             

Source: ENGINEERING



Est. Net Worth: $380 Million        

Source: RETAIL


#30 MACDONALD VASNANI               

Est. Net Worth: $360 Million        

Source: SHIPPING


#31 JOHN TAYLOR                                 

Est. Net Worth: $355 Million          

Source: DIVERSIFIED



Est. Net Worth: $350 Million        

Source: MATTRESS


#33 KWAKU BEDIAKO                            

Est. Net Worth: $350 Million        

Source: DIVERSIFIED


#34 KOFI AMOAH                                    

Est. Net Worth: $341 Million        

Source: DIVERSIFIED


#35 CHRIS CHINEBUAH                        

Est. Net Worth: $330 Million         

Source: OIL & GAS


#36 OKO-NIKOI DZANI                          

Est. Net Worth: $324 Million        

Source: FINANCE


#37 KWAME BAWUAH-EDUSEI         

Est. Net Worth: $300 Million          

Source: DIVERSIFIED


#38 TONY OTENG-GYASI                     

Est. Net Worth: $300 Million          

Source: CABLES


#39 TOGBE AFEDE XIV                          

Est. Net Worth: $280 Million          

Source: INVESTMENTS


#40 GEORGE OWUSU                              

Est. Net Worth: $278 Million         

Source: DIVERSIFIED

#41 ERNEST BEDIAKO SAMPONG                   

Est. Net Worth: $276 Million           

Source: PHARMACEUTICALS


#42 FAWZI WOLLEY                                 

Est. Net Worth: $275 Million          

Source: RETAIL


#43 FRANK ACHAMPONG                      

Est. Net Worth: $275 Million          

Source: ROAD SIGNAGE


#44 MICHAEL AGYEKUM ADDO                             

Est. Net Worth: $270 Million           

Source: PHARMACEUTICALS


#45 KEN OFORI-ATTA                                   

Est. Net Worth: $260 Million          

Source: INVESTMENTS


#46 YUSIF IBRAHIM                                 

Est. Net Worth: $255 Million          

Source: DIVERSIFIED


#47 THE ADDISON FAMILY                    

Est. Net Worth: $250 Million          

Source: CEMENT


#48 KATE QUARTEY-PAPAFIO               

Est. Net Worth: $250 Million          

Source: CABLES


#49 KELI GADZEKPO                                           

Est. Net Worth: $235 Million            

Source: INVESTMENTS


#50 KWAME ACHAMPONG-KYEI         

Est. Net Worth: $233 Million            

Source: INSURANCE


#51 PAK-WO SHUM                                    

Est. Net Worth: $227 Million            

Source: AVIATION


#52 WILLIAM ATO ESSIEN                      

Est. Net Worth: $220 Million         

Source: FINANCE


#53 FRANK OWUSU SEKYERE                 

Est. Net Worth: $213 Million         

Source: ALCOHOL


#54 TANAL GHANDOUR                            

Est. Net Worth: $200 Million       

Source: COSMETICS



Est. Net Worth: $200 Million           

Source: INVESTMENTS  


#56 THE PEPERA FAMILY                               

Est. Net Worth: $180 Million          

Source: AUTOMOBILE 


#57 PRINCE KOFI AMOABENG               

Est. Net Worth: $170 Million          

Source: FINANCE


#58 KWAME OFOSU BAMFO                    

Est. Net Worth: $170 Million          

Source: PAINTS


#59 VICTOR ALHASSAN                               

Est. Net Worth: $167 Million            

Source: OIL & GAS


#60 NIK AMARTEIFIO                                      

Est. Net Worth: $163 Million            

Source: INVESTMENTS


#61 KOFI NSIAH POKU                           

Est. Net Worth: $160 Million         

Source: PHARMACEUTICALS


#62 ERNEST OFORI SARPONG             

Est. Net Worth: $160 Million           

Source: DIVERSIFIED


#63 JOSEPH NSONAMOAH                    

Est. Net Worth: $155 Million             

Source: FINANCE


#64 EMMANUEL ABLEDU                        

Est. Net Worth: $152 Million            

Source: OIL & GAS


#65 QUINCY SINTIM-ABOAGYE                

Est. Net Worth: $150 Million            

Source: PETROLEUM


#66 YAW ADU-GYAMFI                    

Est. Net Worth: $144 Million          

Source: PHARMACEUTICALS


#67 OSEI KWAME                                          

Est. Net Worth: $142 Million           

Source: MEDIA


#68 SETH KWASI DEI                                      

Est. Net Worth: $140 Million           

Source: DIVERSIFIED


#69 GIFTY LAMPTEY                                        

Est. Net Worth: $135 Million           

Source: FERTILIZERS


#70 THE FRIMPONG-ANSAH FAMILY        

Est. Net Worth: $130 Million     

Source: TEXTILES


#71 JOHN SACKAH ADDO                              

Est. Net Worth: $128 Million            

Source: FINANCE


#72 MIKE NYINAKU                                         

Est. Net Worth: $125 Million            

Source: DIVERSIFIED


#73 JUSTICE TAYLOR                                      

Est. Net Worth: $125 Million            

Source: DIVERSIFIED


#74 TORGBOR MENSAH                                

Est. Net Worth: $120 Million            

Source: ADVERTISING


#75 EDWARD BOATENG                          

Est. Net Worth: $118 Million          

Source: MEDIA


#76 SAMIR KALMONI                  

Est. Net Worth: $115 Million            

Source: FAST FOOD   


#77 TUTU AGYARE                      

Est. Net Worth:  $110 Million           

Source: HEDGE FUND


#78 KWASI TWUM                        

Est. Net Worth: $110 Million             

Source: MEDIA


#79 GRACE AMEY-OBENG          

Est. Net Worth: $100 Million           

Source: COSMETICS


#80 SANDY OSEI-AGYEMAN    

Est. Net Worth: $100 Million           

Source: COSMETICS



Methodology

Goodman AMC has managed to keep track of the activities of the wealthiest people in Ghana for the past 2 years, taking into consideration their assets, business deals they negotiate, mergers and acquisitions (M & A).

Goodman AMC placed the Ultra-High-Net-Worth Individual (UHNWI) cap for this report at $100 million, meaning only the rich with a net worth above $100 million dollars were considered for this study. The richest families in Ghana with a properly laid down succession structure were also considered for this study.

The 80 Richest People in Ghana forms part of Goodman AMC’s annual Ghana Wealth Report which ranks the richest entrepreneurs and investors in Ghana. In Goodman AMC’s endeavor to calculate the net worth of wealthy Ghanaians, we strive to deliver the most pellucid calculations available. Each billionaire or millionaire’s profile contains a circumstantial breakdown of how that person’s fortune is tallied.

The Goodman AMC’s Ghana Wealth Report is a dynamic study on the measure of Ghana’s wealthy based on their business interests in Ghana and around the world. All valuations are converted to U.S. dollars at current exchange rates.

How Net Worth Was Calculated

Goodman AMC calculated net worth by using some degree of estimation to value each person’s assets and properties as well as stakes in public and private firms, and performance on the Ghana Stock Exchange. For most Ultra-High-Net-Worth Individuals (UHNWI) in the financial sector, we had access to their annual reports which made mention of their company’s earnings or turnovers as well as their assets and liabilities. Information on the profile and turnovers of some UHNWI and their companies respectively was sourced from the International Growth Center in London, United Kingdom.

92% of companies owned or partly owned by the rich on this list are not listed on the Ghana Stock Exchange, hence every company was treated as a special case taking into consideration the following parameters:

For the majority of companies which we were not listed on the Ghana Stock Exchange and not accessible in terms of information, the specific valuation methodology we used was to value them using the comparable company analysis (CCA), by comparing the enterprise using equity valuation metric which included value-to-EBITDA or price-to-earnings ratios of similar publicly traded companies. Consolidating this data helped us to determine where the target firm falls in relation to the publicly-traded peer group, this allowed us to make an educated estimate of the value of an equity position in company. In simple terms, Goodman AMC looked to the public markets for firms which most closely resemble these closely held (or target) firm and based valuation estimates on the values at which its publicly-traded peers are traded.

Ownership of closely held assets which could not be substantiated were not included in the calculations.

Goodman AMC does not claim to know what is listed on every Ghanaian entrepreneur or investor’s private balance sheet, though we managed to get information on some individuals, some were also inaccessible, but we did make attempts to get information on every billionaire and millionaire in this report

Goodman AMC’s policy is to not cover or consider Ghanaian politicians who acquired their wealth by virtue of them being in active politics and monarchs who acquired their wealth through their royal status.


Visibility Rating

A Visibility Rating is also included on each billionaire and millionaire’s profile to help show the degree to which every listed individual’s books (company’s annual reports, balance sheets etc.) were accessible.

‘A’ Rating is to show that Goodman AMC had extensive information for billionaire or millionaire’s net worth calculations

‘B’ Rating is to show that Goodman AMC had limited access to information on billionaire or millionaire’s assets was limited.


Image Inset: Nabil Edmond Mourkazel, Executive Chairman, Finatrade
Image Credit: Finatrade


A Caveat

The Ghana Wealth Report is for information purposes only. It is not investment advice, any investment advice based on this report should be directed to the contact below. The Ghana Wealth Report 2015 was developed by Goodman AMC.

By: Goodman AMC


18 comments:

  1. I like #36....a very kind man

    ReplyDelete
  2. Some of them are very shady and especially the Abraham guy the presidents brother he's one of the kurupt one in there. By the way forbes most of them are with the government and corrupt politicians

    ReplyDelete
  3. Some of them are very shady and especially the Abraham guy the presidents brother he's one of the kurupt one in there. By the way forbes most of them are with the government and corrupt politicians

    ReplyDelete
  4. Freeman Gyimah or whatever you call yourself, Ibrahim Mahama is not a product of cronny capitalism. He doesn't do government business. He was Ibrahim even before the brother became the vice president. He doesn't need the brother's favour to thrive. Ask Google about his company. Engineers and Planners (E&P) since 2002, have the biggest plant pool of heavy duty or earth moving equipments in West Africa. The company is the best when it comes to mining and construction equipments in West Africa. The naked jealousy and hate campaign won't work.

    ReplyDelete
    Replies
    1. King. I am with you on this. MIM worked very hard for his stage in life. He doesnt need Gh government money to function.

      Delete
    2. King. I am with you on this. MIM worked very hard for his stage in life. He doesnt need Gh government money to function.

      Delete
  5. God willing i will be on this list in the nearest future.

    ReplyDelete
  6. God willing i will be on this list in the nearest future.

    ReplyDelete
  7. The Persons with Disability Association in Ghana, Brong Ahafo Region, just want 2,000 Ghana cedis to organise annual games on the 3Rd of December, 2016 and no one is evening contributing money though they have sent tons of letters yet we have people like these who have billions of money but they cannot help the less privilege ones. oh what a country we all live in? by Sammy

    ReplyDelete
  8. Interesting, I have personally met some of these guys and it took hard work and dedication. All I can say is focus and the scalability of your goals and dreams may get you somewhere some day. Be an optimist not a pessimist. The glass is always half full not half empty, there will always be enough fish in the sea for everybody, all you need to do is, to go get it. Life is too short.

    ReplyDelete
  9. Why is the header image a white man when you are talking about Ghana?

    ReplyDelete
  10. So what about the CEO of Naatoa group of companies(Abraham Ato Ahinful)

    ReplyDelete