10 richest people on the Ghana Stock Exchange

Yusuf Abdulfatai -

The Ghana Stock Exchange has embarked on a remarkable trajectory in 2023, marking a period of prosperity and burgeoning optimism within the local financial landscape. This year, the bourse has experienced an impressive upswing, with the all-share index surging by 30.75 percent since the year began.

This surge has translated into substantial returns for investors and shareholders and propelled the total market capitalization of listed companies to a significant GH₵74 billion ($6.2 billion). As the nation’s economic heartbeat quickens, Ghana’s most affluent individuals find themselves at the forefront of this financial surge.

Among the select few whose fortunes have soared with the ascending tide of the stock market is Daniel Ofori, the richest investor on the Ghana Stock Exchange. Ofori, alongside numerous other astute investors, has experienced a substantial increase in the market value of his portfolio, underscoring the wealth creation potential within the dynamic Ghanaian market.

Notable figures such as Patrick Kingsley-Nyinah and Ebenezer Asante, the pioneering Ghanaian CEO of MTN’s local operations, also stand as a testament to the impactful strides made by key players in the nation’s economic landscape.

In light of these developments, Billionaires.Africa has unveiled its latest list of the wealthiest stockholders on the Ghana Stock Exchange. The ranking relies on data from S&P Global Market Intelligence and publicly available documents and disclosures. Share valuations were determined based on closing prices on November 9, with conversions to U.S. dollars executed using prevailing exchange rates.

Here are the ten individuals who own the most substantial stock ownership positions on the Ghana Stock Exchange:

1. Daniel Ofori

  • Portfolio value on GSE: $13.5 million
  • Holdings: GCB Bank, Calbank, Societe Generale Ghana PLC, SIC Insurance
  • Daniel Ofori retains his regal status as the wealthiest investor on the Ghana Stock Exchange. Commanding a 7.49-percent stake in GCB Bank, a 3.9-percent equity interest in Calbank, a 5.91-percent stake in SIC Insurance valued at $233,095, and a 6.78-percent stake in Societe Generale, Ofori stands as a top figure in Ghanaian financial services industry.

2.  Patrick Kingsley-Nyinah

  • Portfolio value on GSE: $2.3 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

  • Portfolio value on GSE: $1.12 million
  • Holdings: Agricultural Bank of Ghana
  • Oscar Yao Doe, the president of Doscar Group Holdings and chairman of Eurostar Global Limousine, claims the podium as 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 $1.12 million.

4. Ebenezer Asante

  • Portfolio value on GSE: $0.92 million
  • Holdings: MTN Ghana
  • Ebenezer Asante, the pioneer Ghanaian CEO of MTN’s operations in the country, commands the spotlight as the largest individual shareholder in the telecom giant. He has a beneficial 0.65-percent stake in the company, currently worth $0.92 million.

5. Cofie Kodjo

  • Portfolio value on GSE: $0.89 million
  • Holdings: Agricultural Bank of Ghana
  • Cofie Kodjo, a leading figure in the country’s business scene, owns a 0.61-percent stake in Agricultural Development Bank Plc, worth $0.89 million.

6. Frank Adu

  • Portfolio value on GSE: $0.72 million
  • Holdings: CalBank
  • Frank Adu is a former managing director of CAL Bank. He still owns a 2.7-percent interest in CalBank worth $0.72 million.

7. Paa Kwesi Nduom

  • Portfolio value on GSE: $0.64 million
  • 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 $0.64 million are held in his name, his Ndoum Group, and Nduom Foundation.

8. Edward Kojo Anim-Addo

  • Portfolio value on GSE: $0.56 million
  • 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.

9. Anthony Oteng-Gyasi

  • Portfolio value on GSE: $0.48 million
  • 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. 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. Joseph Agyepong

  • Portfolio value on GSE: $0.43 million
  • Holdings: Access Bank Ghana
  • Joseph Agyepong, one of Ghana’s most popular business tycoons, is the largest individual 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 $0.43 million.