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Daniel Ofori, a Ghanaian multimillionaire businessman who ranks as the richest investor on the Ghana Stock Exchange, has seen the market value of his stake in GCB Bank surge by nearly $1.2 million since the start of the year, fueled by a sustained upswing in the shares of the leading bank on the Ghana Stock Exchange (GSE).
According to data tracked by Billionaires.Africa, Ofori’s stake in GCB Bank has surged by GH₵16.3 million ($1.19 million) since Jan. 1 as investors on the local bourse continue to increase their stakes in the Ghanaian largest independent financial institution.
GCB Bank’s 24.1 percent share surge lifts market cap above $80 million
GCB Bank, which ranks as the tenth most valuable company on the GSE, is one of Ghana’s largest banks in terms of total operating assets and industry deposits. It accounts for more than 11 percent of banking industry deposits.
Since the start of the year, GCB Bank shares on the GSE have increased by 24.1 percent, rising from GH₵3.4 ($0.247) on Jan. 1 to GH₵4.22 ($0.307), propelling the bank’s market capitalization above $80 million and accruing significant gains for shareholders.
Ofori’s GCB Bank stake gains $1.19 million in 2024
Ghanaian businessman and serial investor Daniel Ofori holds a 7.49-percent stake in GCB Bank (GCB), making him the third-largest shareholder after the Social Security and National Insurance Trust and the Ghanaian government. The stake is equivalent to 19,867,154 ordinary shares.
Due to a double-digit share price increase, the market value of Ofori’s holding has grown by GH¢16.3 million ($1.19 million) year-to-date. As of January 1, 2024, the stake was valued at GH¢67.59 million ($4.91 million). It has since risen to GH¢83.89 million ($6.10 million).
The surge in Ofori’s GCB Bank stake strengthens his position as the leading investor on the GSE and underscores his status among Ghana’s wealthiest businessmen. It further cements his enduring influence in the country’s financial landscape.
