Connect with us

Hot News

The seven richest people on the Ghana Stock Exchange

Although most wealthy Ghanaians shun their local bourse, some retain a portion of their portfolios on the exchange.

Published

on

Ghanaian businessman Daniel Ofori.

While a significant majority of Ghana’s wealthiest individuals continue to shun its local bourse ­– preferring to build their fortunes through privately-owned companies – a tiny handful of high net-worth individuals keep a portion of their investment portfolios in listed equities on Ghana’s largely illiquid stock market.

Based on figures derived from investment agencies, the latest annual reports and confirmations from capital market registrars, these are the seven richest people who own stocks listed on the Ghana Stock Exchange. The value of their shares is based on prices at the end of trading on Aug. 20, and valuations are converted to U.S. dollars at current exchange rates.

#1 Daniel Ofori

Net worth on the GSE: $28.5 million

Holdings: GCB Bank, Calbank, SIC Insurance, Societe General Ghana

Daniel Ofori is the richest investor on the Ghana Stock Exchange by far. His portfolio includes a 7.49-percent stake in GCB bank worth $17.85 million; a 3.9-percent stake in Calbank worth $2,852,900; a 3.99-percent shareholding in SIC Insurance worth $91,000, and 6.78-percent in Societe General Ghana worth $7.624 million. Ofori, a well-respected Ghanaian serial entrepreneur, has founded a string of successful businesses in the apparel retail, engineering and real estate sectors. 

#2 Frank Adu

Net worth on the GSE: $1.9 million

Holdings: Calbank

Frank Adu owns a 2.63-percent stake in Calbank, one of Ghana’s largest commercial banks. His stake is worth $1.9 million. Adu is the immediate past CEO of the bank and won the prestigious African Banker of the Year award in 2018. Adu, who worked at Calbank for 30 years before retiring last year, is credited with transforming CalBank from a tiny corporate-focused bank to a universal bank with 28 branches and close to 1,000 employees and a balance sheet in excess of $1.2 billion.

#3 Ebenezer Twum Asante

Net worth on the GSE: $1.69 million 

Holdings: Scancom PLC (MTN Ghana)

Ebenezer Twum Asante was the first Ghanaian to head Ghana’s leading telecommunications company, Scancom PLC (MTN Ghana). He owns a 0.065-percent stake in the company, which is worth $1.69 million.

#4 Kojo Anim-Addo

Net worth on the GSE: $971,639

Holdings: Standard Chartered Ghana, Benso Oil

Kojo Anim-Addo, an investor on the GSE, owns a 0.23-percent stake in Standard Chartered Ghana worth $952,339, and a 0.14-percent stake in Benso Oil worth $19,300.

#5 Joseph Siaw Agyepong

Net worth on the GSE: $867,548

Holdings: Access Bank Ghana Plc

Joseph Siaw Agyepong, one of Ghana’s most recognizable entrepreneurs and the executive chairman of Jospong Group of Companies, owns 1,500,000 shares in Access Bank Ghana Plc, amounting to a 0.86-percent stake in the company. The shares are worth $867,548.

#6 Gideon Amenuvor

Net worth on the GSE: $583,927

Holdings: Societe General Ghana

Gideon Amenuvor, an investor on the GSE, owns a 0.52-percent stake in Societe General Ghana, a commercial bank in Ghana.

#7 Benjamin Fosu

Net worth on the GSE: $467,141

Holdings: Calbank

Benjamin Fosu owns a 0.65-percent stake in Calbank worth $467,141.

Mfonobong Nsehe contributed to this report. Comments can be sent to: news@billionaires.africa.

Hot News

Oil mogul Mike Adenuga earns $7.6 million as investors react to 213-percent increase in Conoil’s half-year profits

As of Sept. 24, shares in the company were trading at a record three-year high of $0.0596 per share.

Published

on

Oil mogul Mike Adenuga. ©Billionaires.Africa

One of Africa’s wealthiest billionaires Mike Adenuga has earned N3.1 billion ($7.6 million) in the past 53 days from his stake in Conoil Plc, as investors reacted to a 213-percent growth in the company’s profit in the first half of 2021.

As of Sept. 24, shares in the company were trading at a record three-year high of N24.55 ($0.0596) per share, as bargain hunters continue to acquire stakes in the oil company.

The recent surge in stock prices can be linked to investor expectations of an improved financial result at the end of 2021 as demand for petroleum products continues to strengthen and economic activities rev up for a strong recovery.

Investor expectations have been supported by the growth in profit that the indigenous oil company posted in the first half of its current fiscal year.

Compared to last year’s figures, Conoil’s mid-year profit grew by 213.7 percent from N498.1 million ($1.21 million) in the first half of 2020 to N1.06 billion ($2.58 million).

This bullish bias helped to push up the stock price, which this led to a gain of N3.1 billion ($7.6 million) for the African telecom tycoon in 53 days as Conoil shares on the Nigerian bourse surged from N18.50 ($0.0449) to N24.55 ($0.0596) between Aug. 2 and Sept. 24.

According to Billionaires.Africa, the market value of his ownership stake in the Nigeria-based oil company has increased from N9.55 billion ($23.2 million) on Aug. 2 to N12.7 billion ($30.8 million) on Sept. 24.

Earlier this year, Adenuga received $1.88 million (N774.4 million) in dividends from his stake in Conoil.

At the time of writing, his net worth is valued at $6.5 billion, up by $1 million today according to his Forbes real-time valuation.

Continue Reading

Hot News

Andries van Rensburg’s Libstar Holdings gains $14.6 million in two weeks despite 27.8-percent reduction in half-year earnings

Libstar is a South Africa-based company co-founded by Andries van Rensburg and Robin Smith in 2005.

Published

on

South African businessman Andries van Rensburg.

Libstar Holdings has posted an increase of R218.2 million ($14.6 million) in its market capitalization in 15 days, despite a 27.8-percent reduction in headline earnings in the first half of 2021.

Libstar is a South Africa-based company co-founded by Andries van Rensburg and Robin Smith in 2005. It focuses on acquiring and growing operations in the consumer packaged goods industry.

At the end of the first-half-year period of its current fiscal year, the South Africa-based holding revealed that its headline earnings fell to R0.122 ($0.0084) per share in the six months ending June 30 from R0.169 ($0.012) per share in the same period last year.

This translates to a 27.8-percent decline in its headline earnings despite a 10.5-percent increase in the sales of packaged food items, driven by strong sales in groceries and perishables.

In reaction, Libstar shares pared by 3.3 percent on Sept. 8 following the publication of the half-year financial results, as investors took flight to safety in reaction to the weak financial performance and reductions in earnings.

On Sept. 9, shares in the company printed a closing price of R6.08 ($0.408). Since then the stock price has increased by R0.32 ($0.0215) to R6.40 ($0.43), returning a gain of 5.3-percent to shareholders in 14 days.

Research conducted by Billionaires.Africa revealed that the market capitalization of the consumer packaged goods company has increased from R4.15 billion ($278.3 million) on Sep. 9 to R4.36 billion ($292.90 million) on Sept. 23.

This represents an increase of R218.2 million ($14.6 million) in its market capitalization.

With the recent increase in the stock price and shareholders’ wealth, van Rensburg and Smith have seen the market value of their stakes increase by $129,720 and $84,780, respectively, between Sept. 9 and Sept. 23.

According to figures contained in its most recent annual report, Rensburg and Smith hold a beneficial ownership interest of 0.89 percent and 0.58 percent, respectively, in the company.

Continue Reading

Hot News

Billionaires.Africa forms partnership with The Royal Office of His Highness Sheikh Ahmed Bin Faisal Al-Qassimi

We are pleased to announce its official partnership with The Royal Office of H.H. Sheikh Ahmed Bin Faisal Al-Qassimi.

Published

on

His Excellency Tomasz Zaleski, chairman of the board of The Private Office of His Heighness Sheikh Ahmed Bin Faisal Al-Qassimi.

Billionaires.Africa, the world’s premier source of news on African billionaires and UHNWIs, is pleased to announce its official partnership with The Royal Office of His Highness Sheikh Ahmed Bin Faisal Al-Qassimi.

His Highness Sheikh Ahmed Bin Faisal Al-Qassimi is a prominent member of the Royal Family of Sharjah and Ras Al Khaimah in the United Arab Emirates. He has a long and distinguished history of building socioeconomic bridges between the UAE and emerging market economies, including Africa.

Over the past decade, The Private Office of His Highness Sheikh Ahmed Bin Faisal Al-Qassimi has worked with African and global companies in the manufacturing, trading, real estate, contracting, digital services, consultancy and hospitality sectors to successfully expand their footprint in the UAE, GCC and elsewhere in the world.

In the short term, this partnership will see Billionaires.Africa act as a media partner to the Africa-Dubai Investment Business Summit, which will be held on Sept. 29-30.

The summit presents a strategically important step towards forming favourable conditions for the development of trade and economic relations between Africa and the UAE. The event will contribute, through productive dialogue, to the development of a common position on issues of mutual interests and to bring cooperation between Africa and the UAE to a whole new level.

Regarding the upcoming summit, Chairman of the Board of The Private Office of His Heighness Sheikh Ahmed Bin Faisal Al-Qassimi, His Excellency Tomasz Zaleski said: “We are ready to welcome Africa and the world to our conference and for the Dubai Expo. It is now or never if you want your business to take off in Dubai.”

In the medium to long term, Billionaires.Africa and The Royal Office of His Highness Sheikh Ahmed Bin Faisal Al-Qassimi will embark on a series of initiatives and joint ventures strategically aimed at developing trade and economic relations between UAE and Africa — particularly in facilitating the seamless integration of more African corporations into the UAE and diversifying the forms and areas of UAE-African cooperation.

Continue Reading

Trending