The Top 80 Richest People In Ghana: 2015 Ghana Wealth Report

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 TARRICONE

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

#5 MICHAEL IBRAHIM MAHAMA

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

#11 THE AWUAH-DARKO FAMILY

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

#29 BHAGWAN KHUBCHANDANI

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

#32 THE SOLOMON LABA FAMILY

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

Follow SasuGhana
Subscribe to SasuGhana

#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

#55 NENE DROLO BOSSO ADAMTEY

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 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

Follow SasuGhana: Facebook | Twitter | Google+ | Linkedin | Subscribe: RSS Feed