The 10 richest people on the Ghana Stock Exchange in 2023
Following a turbulent year in 2022 marked by macroeconomic challenges that adversely affected the financial performance of companies operating in Ghana, the country’s investment scene shows signs of recovery in 2023.
The Ghana Stock Exchange has experienced a notable uptick, bringing renewed optimism to the local bourse. With approximately 40 listed companies, the Ghana Stock Exchange has become a focal point for investors seeking opportunities in Ghana.
This renewed confidence is driven by a strong rebound in the local economy, which witnessed a remarkable 4.2-percent GDP growth in the first quarter of 2023 compared to the same period in the previous year.
The positive economic growth has translated into a significant increase in the market value of companies listed on the Ghana Stock Exchange.
Year-to-date, the total market capitalization of all shares listed on the exchange has risen by 14.84 percent, reaching GH₵70.22 billion ($6.2 billion). This surge has resulted in impressive wealth gains for businessmen like Ebenezer Asante, whose beneficial stake of 0.65 percent in Scancom Plc, popularly known as MTN Ghana, has seen substantial appreciation.
However, not all investors have been fortunate in the current market upswing. Daniel Ofori, the wealthiest investor on the Ghana Stock Exchange, has experienced significant losses in his fortune, necessitating a re-evaluation of the rankings of the richest investors in the country.
In light of this, Billionaires.Africa has released its latest ranking of the top stockholders on the Ghana Stock Exchange. The ranking is based on data provided by S&P Global Market Intelligence and publicly available documents and disclosures.
Share valuations were determined by closing prices on June 26, with the conversions to U.S. dollars made using prevailing exchange rates.
Here are the ten individuals who currently hold the highest stock ownership positions on the Ghana Stock Exchange:
1. Daniel Ofori
Net worth on the GSE: $9.3 million
Holdings: GCB Bank, Calbank, Societe Generale Ghana PLC, SIC Insurance
Daniel Ofori remains the wealthiest investor on the Ghana Stock Exchange. He currently owns a 7.49-percent stake in GCB bank; a 3.9-percent stake in Calbank; a 5.91-percent shareholding in SIC Insurance worth $235,811; and, 6.78 percent in Societe General Ghana.
2. Patrick Kingsley-Nyinah
Net worth on the GSE: $1.97 million
Holdings: GOIL Plc, Mega African Capital
Patrick Kingsley-Nyinah, a Ghanaian serial investor, owns a 3.24-percent stake in Ghana Oil Company (GOIL), a state-owned oil and gas marketing company and the country’s only indigenous petroleum marketing firm. He also owns 2.97 percent of Mega African Capital, a company engaged in developing, purchasing, selling, and renting real estate.
3. Oscar Yao Doe
Net worth on the GSE: $1.16 million
Holdings: Agricultural Bank of Ghana
Oscar Yao Doe, the president and executive chairman of Doscar Group Holdings and the chairman of the luxury car rental firm Eurostar Global Limousine, is the third-richest investor on the Ghana Stock Exchange. His 0.75-percentage ownership position in Agricultural Development Bank, a universal bank that provides a full range of financial products and services in retail, commercial, corporate, and investment banking, is worth $1.16 million.
4. Cofie Kodjo
Net worth on the GSE: $925,780
Holdings: Agricultural Bank of Ghana
Cofie Kodjo owns 0.61 percent of Agricultural Development Bank Plc, worth $925,780.
5. Frank Adu
Net worth on the GSE: $890,845
Holdings: CalBank
Frank Adu is a former Managing Director of CAL Bank. He still owns a 2.7-percent interest in CalBank worth $890,845.
6. Ebenezer Asante
Net worth on the GSE: $864,643
Holdings: MTN Ghana
Ebenezer Asante, the first Ghanaian CEO of MTN’s operations in the country, is the largest individual shareholder in the telecom giant. He has a beneficial 0.65-percent stake in the company, currently worth $864,643.
7. Paa Kwesi Nduom
Net worth on the GSE: $666,823
Holdings: Digicut Production & Advertising
Ghanaian business mogul Paa Kwesi Nduom owns 71.26 percent of Digicut Production & Advertising, a full-service advertising agency, and public relations consultancy company. The shares worth $666,823 are held in his name, his Ndoum Group, and Nduom Foundation.
8. Joseph Agyepong
Net worth on the GSE: $524,026
Holdings: Access Bank Ghana
Joseph Agyepong, one of Ghana’s most popular business tycoons, is the largest shareholder in the publicly listed Ghanaian subsidiary of Nigerian financial services group Access Holdings. He owns 0.86 percent of Access Bank Ghana. The shares are worth $524,026.
9. Anthony Oteng-Gyasi
Net worth on the GSE: $438,102
Holdings: Mega African Capital, Benso Oil, Enterprise Group
Tony Oteng-Gyasi is a successful business leader best known for establishing Tropical Cable and Conductor Ltd., a leading manufacturer of electrical cables in Ghana. He’s also among the most prominent investors in the Ghana stock market. His portfolio on the GSE includes a 0.59-percent stake in insurance company Enterprise Group PLC, 0.4 percent in Benso Oil, and 1.15 percent in Mega African Capital.
10. Edward Kojo Anim-Addo
Net worth on the GSE: $426,557
Holdings: Standard Chartered Bank Ghana, Benso Oil
Kojo Anim-Addo, a GSE investor, has a 0.25-percent stake in Standard Chartered Ghana and a small shareholding in Benso Oil.