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 andGifty 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.
Est. Net Worth: $1.46 Billion
Source: OIL & GAS
Est. Net Worth: $1.3 Billion
Source: REAL ESTATE
Est. Net Worth: $1.2 Billion
Source: INVESTMENTS
Est. Net Worth: $900 Million
Source: COMMODITIES
Est. Net Worth: $860 Million
Source: MINING
Est. Net Worth: $850 Million
Source: DIVERSIFIED
Est. Net Worth: $800 Million
Source: FLOUR
Est. Net Worth: $720 Million
Source: COCOA, COTTON
Est. Net Worth: $700 Million
Source: DIVERSIFIED
#10 KWABENA DUFFUOR
Est. Net Worth: $680 Million
Source: FINANCE
Est. Net Worth: $650 Million
Source: FINANCE
Est. Net Worth: $620 Million
Source: TEXTILES
Est. Net Worth: $600 Million
Source: DIVERSIFIED
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
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
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
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
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
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
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
Est. Net Worth: $250 Million
Source: CEMENT
Est. Net Worth: $250 Million
Source: CABLES
#49 KELI GADZEKPO
Est. Net Worth: $235 Million
Source: INVESTMENTS
Est. Net Worth: $233 Million
Source: INSURANCE
#51 PAK-WO SHUM
Est. Net Worth: $227 Million
Source: AVIATION
Est. Net Worth: $220 Million
Source: FINANCE
Est. Net Worth: $213 Million
Source: ALCOHOL
#54 TANAL GHANDOUR
Est. Net Worth: $200 Million
Source: COSMETICS
Est. Net Worth: $200 Million
Source: INVESTMENTS
Est. Net Worth: $180 Million
Source: AUTOMOBILE
Est. Net Worth: $170 Million
Source: FINANCE
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
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
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
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
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 of 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 (UHNW) 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.
Contact:
Email: goodman.yusra@gmail.com
