Ghana’s richest investor Daniel Ofori gains $1.3 million in 53 days

Yusuf Abdulfatai -

Ghanaian multimillionaire businessman Daniel Ofori has seen the market value of his stake in Societe Generale Ghana increase by more than $1.3 million in the past 53 days due to a significant bump in the shares of the Accra-based bank on the Ghana stock exchange.

According to data tracked by Billionaires.Africa, Ofori has seen the market value of his stake in Societe Generale Ghana increase by GH₵14.95 million ($1.33 million) within 53 days as investors bolstered their interest in the Accra-based lender.

The impressive gains come after he suffered a significant GH₵19.78 million ($2.41 million) decline in his stake in the financial services provider between Jan. 1 and June 28. During this period, the market value of his shares in Societe Generale Ghana fell from GH₵48.24 million ($4.88 million) to GH₵28.46 million ($2.47 million) at the time of this report.

Societe Generale Ghana, Ghana’s fourth-largest bank, is a subsidiary of the French multinational banking group Societe Generale, headquartered in Paris, France. With about 45 branches in Ghana, the bank operates as one of 17 subsidiaries of the Paris-based lender in Africa.

Ofori, the richest investor on the Ghana Stock Exchange, holds a beneficial 6.8-percent ownership stake, translating to 48,241,241 ordinary shares, in Societe Generale Ghana, making him the bank’s largest individual shareholder.

Since June 28, Societe Generale Bank shares on the Ghana Stock Exchange have increased by 52.54 percent, climbing from GH₵0.59 ($0.0524) to GH₵0.90 ($0.0800), thus leading to gains amounting to millions of dollars for its shareholders, including Daniel Ofori.

As a result of the double-digit percent bump in the Accra-based financial service’s share price, the market value of the stake held by Ofori has increased by GH₵14.95 million ($1.33 million) over the past 53 days, rising from GH₵28.46 million ($2.52 million) on June 28 to GH₵43.4 million ($3.85 million) on August 20.

With this 52.54-percent bump in the market value of his stake, Ofori remains the richest investor on the Ghana Stock Exchange and also maintains his rank as one of Ghana’s most affluent businessmen.

Aside from his stake in Societe Generale Ghana, the multimillionaire investor also owns stakes in Ghana Commercial Bank, Fan Milk Plc, and CAL Bank, all of which are publicly listed on the Ghana Stock Exchange.