List of Ghana’s 80 richest people out

A Ghanaian management and consulting blog, Goodman AMC, has released what it says is ‘Ghana Wealth Report’, which it says captures the richest people in Ghana.

The report follows Goodman AMC tracking the wealth of successful entrepreneurs and investors in Ghana who have $100 million or more in assets and investments.

The findings reveal that the top 80 richest people in Ghana have a combined wealth of $29.3 billion and employ over 150,000 Ghanaians directly.

Goodman AMC’s Ghana Wealth Report discovered 3 billionaires and 77 multimillionaires who all form part of a group of individuals called the Ultra-High-Net-Worth Individuals (UHNWI).

The report captures five women – Patricia Poku-Diaby, Theresa Oppong-Beeko, Kate Quartey-Papafio and Gifty Lamptey and Grace Amey-Obeng.

The report does not cover politicians who acquired their wealth by virtue of them being in active politics and monarchs who acquired their wealth through their royal status, according to Goodman AMC.

How Net Worth Was Calculated

Goodman AMC says it calculated net worth by using some degree of estimation to value each person’s assets and properties as well as stakes in public and private firms, and performance on the Ghana Stock Exchange.

While Goodman AMC’s Ghana Wealth Report appears comprehensive, tv3network.com has not independently verified the findings and cannot vouch for their accuracy.

Find below the list of 80 richest people


#1 CHARLES AMPOFO                     
Est. Net Worth: $1.46 Billion             
Source: OIL & GAS         

#2 ERNESTO TARRICONE               
Est. Net Worth: $1.3 Billion              
Source: REAL ESTATE 

#3 SAM ESSON JONAH                  
Est. Net Worth: $1.2 Billion            
Source: INVESTMENTS

#4 NABIL EDMOND MOURKAZEL                   
Est. Net Worth: $900 Million           
Source: COMMODITIES


#5 MICHAEL IBRAHIM MAHAMA  
Est. Net Worth: $860 Million          
Source: MINING

#6 MOHAMMED AHMED ODAYMAT            
Est. Net Worth: $850 Million           
Source: DIVERSIFIED

#7 THE IRANI FAMILY                      
Est. Net Worth: $800 Million           
Source: FLOUR

#8 PATRICIA POKU-DIABY           
Est. Net Worth: $720 Million            
Source: COCOA, COTTON

#9 THE KALMONI FAMILY            
Est. Net Worth: $700 Million            
Source: DIVERSIFIED

#10 KWABENA DUFFUOR               
Est. Net Worth: $680 Million           
Source: FINANCE

#11 THE AWUAH-DARKO FAMILY   
Est. Net Worth: $650 Million          
Source: FINANCE

#12 MILAD MILLET & FAMILY         
Est. Net Worth: $620 Million         
Source: TEXTILES

#13 JOSEPH SIAW AGYEPONG       
Est. Net Worth: $600 Million           
Source: DIVERSIFIED

#14 RAMCHAND UDHARAM MOHINANI         
Est. Net Worth: $580 Million            
Source: DIVERSIFIED

#15 ADAMU IDDRISU                     
Est. Net Worth: $550 Million            
Source: FINANCE, COCOA

#16 THE HITTI FAMILY                 
Est. Net Worth: $540 Million              
Source: DIVERSIFIED

#17 THE AZAR FAMILY                 
Est. Net Worth: $520 Million               
Source: PAINTS

#18 KWABENA ADJARE DANQUAH         
Est. Net Worth: $500 Million               
Source: ENGINEERING

#19 GHASSAN YARED                   
Est. Net Worth: $480 Million               
Source: DIVERSIFIED 


#20 SERGE BAKALIAN                 
Est. Net Worth: $460 Million                
Source: FLOUR


#21 THE BITAR FAMILY                
Est. Net Worth: $450 Million               
Source: LUMBER


#22 THOMAS SVANIKIER             
Est. Net Worth: $435 Million               
Source: DIVERSIFIED


#23 SAIED FAKHRY                        
Est. Net Worth: $430 Million             
Source: PLASTICS

#24 THERESA OPPONG-BEEKO    
Est. Net Worth: $420 Million            
Source: REAL ESTATE

#25 PAPA KWESI NDOUM              
Est. Net Worth: $410 Million             
Source: DIVERSIFIED


#26 KWABENA ADJEI                      
Est. Net Worth: $400 Million            
Source: ALCOHOL

#27 ENRICO DE SIMONE                  
Est. Net Worth: $400 Million           
Source: CONSTRUCTION

#28 B.K. AMANDI                              
Est. Net Worth: $400 Million            
Source: ENGINEERING

#29 BHAGWAN KHUBCHANDANI   
Est. Net Worth: $380 Million        
Source: RETAIL

#30 MACDONALD VASNANI              
Est. Net Worth: $360 Million        
Source: SHIPPING

#31 JOHN TAYLOR                                
Est. Net Worth: $355 Million          
Source: DIVERSIFIED


#32 THE SOLOMON LABA FAMILY   
Est. Net Worth: $350 Million        
Source: MATTRESS


#33 KWAKU BEDIAKO                           
Est. Net Worth: $350 Million       
Source: DIVERSIFIED


#34 KOFI AMOAH                                   
Est. Net Worth: $341 Million        
Source: DIVERSIFIED


#35 CHRIS CHINEBUAH                       
Est. Net Worth: $330 Million        
Source: OIL & GAS


#36 OKO-NIKOI DZANI                         
Est. Net Worth: $324 Million        
Source: FINANCE


#37 KWAME BAWUAH-EDUSEI        
Est. Net Worth: $300 Million          
Source: DIVERSIFIED

#38 TONY OTENG-GYASI                     
Est. Net Worth: $300 Million         
Source: CABLES

#39 TOGBE AFEDE XIV                         
Est. Net Worth: $280 Million         
Source: INVESTMENTS


#40 GEORGE OWUSU                             
Est. Net Worth: $278 Million         
Source: DIVERSIFIED

#41 ERNEST BEDIAKO SAMPONG                  
Est. Net Worth: $276 Million           
Source: PHARMACEUTICALS

#42 FAWZI WOLLEY                                
Est. Net Worth: $275 Million         
Source: RETAIL

#43 FRANK ACHAMPONG                     
Est. Net Worth: $275 Million          
Source: ROAD SIGNAGE

#44 MICHAEL AGYEKUM ADDO                             
Est. Net Worth: $270 Million           
Source: PHARMACEUTICALS

#45 KEN OFORI-ATTA                                   
Est. Net Worth: $260 Million          
Source: INVESTMENTS


#46 YUSIF IBRAHIM                                
Est. Net Worth: $255 Million          
Source: DIVERSIFIED


#47 THE ADDISON FAMILY                    
Est. Net Worth: $250 Million          
Source: CEMENT

#48 KATE QUARTEY-PAPAFIO               
Est. Net Worth: $250 Million          
Source: CABLES


#49 KELI GADZEKPO                                          
Est. Net Worth: $235 Million           
Source: INVESTMENTS


#50 KWAME ACHAMPONG-KYEI         
Est. Net Worth: $233 Million           
Source: INSURANCE

#51 PAK-WO SHUM                                   
Est. Net Worth: $227 Million           
Source: AVIATION


#52 WILLIAM ATO ESSIEN                      
Est. Net Worth: $220 Million         
Source: FINANCE

#53 FRANK OWUSU SEKYERE                 
Est. Net Worth: $213 Million         
Source: ALCOHOL


#54 TANAL GHANDOUR                            
Est. Net Worth: $200 Million       
Source: COSMETICS

#55 NENE DROLO BOSSO ADAMTEY    
Est. Net Worth: $200 Million          
Source: INVESTMENTS  

#56 THE PEPERA FAMILY                              
Est. Net Worth: $180 Million          
Source: AUTOMOBILE 

#57 PRINCE KOFI AMOABENG               
Est. Net Worth: $170 Million          
Source: FINANCE

#58 KWAME OFOSU BAMFO                    
Est. Net Worth: $170 Million          
Source: PAINTS

#59 VICTOR ALHASSAN                              
Est. Net Worth: $167 Million           
Source: OIL & GAS


#60 NIK AMARTEIFIO                                     
Est. Net Worth: $163 Million           
Source: INVESTMENTS

#61 KOFI NSIAH POKU                          
Est. Net Worth: $160 Million         
Source: PHARMACEUTICALS


#62 ERNEST OFORI SARPONG             
Est. Net Worth: $160 Million           
Source: DIVERSIFIED

#63 JOSEPH NSONAMOAH     
Est. Net Worth: $155 Million            
Source: FINANCE


#64 EMMANUEL ABLEDU                       
Est. Net Worth: $152 Million           
Source: OIL & GAS

#65 QUINCY SINTIM-ABOAGYE               
Est. Net Worth: $150 Million           
Source: PETROLEUM

#66 YAW ADU-GYAMFI                   
Est. Net Worth: $144 Million         
Source: PHARMACEUTICALS


#67 OSEI KWAME                                         
Est. Net Worth: $142 Million          
Source: MEDIA

#68 SETH KWASI DEI                                     
Est. Net Worth: $140 Million          
Source: DIVERSIFIED


#69 GIFTY LAMPTEY                                       
Est. Net Worth: $135 Million          

Source: FERTILIZERS

#70 THE FRIMPONG-ANSAH FAMILY       
Est. Net Worth: $130 Million    
Source: TEXTILES

#71 JOHN SACKAH ADDO                             
Est. Net Worth: $128 Million           
Source: FINANCE

#72 MIKE NYINAKU                                        
Est. Net Worth: $125 Million           
Source: DIVERSIFIED

#73 JUSTICE TAYLOR                                     
Est. Net Worth: $125 Million           
Source: DIVERSIFIED


#74 TORGBOR MENSAH                                
Est. Net Worth: $120 Million           
Source: ADVERTISING

#75 EDWARD BOATENG                         
Est. Net Worth: $118 Million         
Source: MEDIA

#76 SAMIR KALMONI                 
Est. Net Worth: $115 Million           
Source: FAST FOOD   

#77 TUTU AGYARE                     
Est. Net Worth:  $110 Million          
Source: HEDGE FUND

#78 KWASI TWUM                       
Est. Net Worth: $110 Million            
Source: MEDIA

#79 GRACE AMEY-OBENG         

Est. Net Worth: $100 Million          
Source: COSMETICS

#80 SANDY OSEI-AGYEMAN   
Est. Net Worth: $100 Million          
Source: COSMETICS


Methodology

Goodman AMC has managed to keep track of the activities of the wealthiest people in Ghana for the past 2 years, taking into consideration their assets, business deals they negotiate, mergers and acquisitions (M & A).

Goodman AMC placed the Ultra-High-Net-Worth Individual (UHNWI) cap for this report at $100 million, meaning only the rich with a net worth above $100 million dollars were considered for this study. The richest families in Ghana with a properly laid down succession structure were also considered for this study.

The 80 Richest People in Ghana forms part of Goodman AMC’s annual Ghana Wealth Report which ranks the richest entrepreneurs and investors in Ghana. In Goodman AMC’s endeavor to calculate the net worth of wealthy Ghanaians, we strive to deliver the most pellucid calculations available. Each billionaire or millionaire’s profile contains a circumstantial breakdown of how that person’s fortune is tallied.

The Goodman AMC’s Ghana Wealth Report is a dynamic study on the measure of Ghana’s wealthy based on their business interests in Ghana and around the world. All valuations are converted to U.S. dollars at current exchange rates.

How Net Worth Was Calculated

Goodman AMC calculated net worth by using some degree of estimation to value each person’s assets and properties as well as stakes in public and private firms, and performance on the Ghana Stock Exchange. For most Ultra-High-Net-Worth Individuals (UHNW) in the financial sector, we had access to their annual reports which made mention of their company’s earnings or turnovers as well as their assets and liabilities. Information on the profile and turnovers of some UHNWI and their companies respectively was sourced from the International Growth Center in London, United Kingdom.

92% of companies owned or partly owned by the rich on this list are not listed on the Ghana Stock Exchange, hence every company was treated as a special case taking into consideration the following parameters:

For the majority of companies which we were not listed on the Ghana Stock Exchange and not accessible in terms of information, the specific valuation methodology we used was to value them using the comparable company analysis (CCA), by comparing the enterprise using equity valuation metric which included value-to-EBITDA or price-to-earnings ratios of similar publicly traded companies. Consolidating this data helped us to determine where the target firm falls in relation to the publicly-traded peer group, this allowed us to make an educated estimate of the value of an equity position in company. In simple terms, Goodman AMC looked to the public markets for firms which most closely resemble these closely held (or target) firm and based valuation estimates on the values at which its publicly-traded peers are traded.

Ownership of closely held assets which could not be substantiated were not included in the calculations.

Goodman AMC does not claim to know what is listed on every Ghanaian entrepreneur or investor’s private balance sheet, though we managed to get information on some individuals, some were also inaccessible, but we did make attempts to get information on every billionaire and millionaire in this report

Goodman AMC’s policy is to not cover or consider Ghanaian politicians who acquired their wealth by virtue of them being in active politics and monarchs who acquired their wealth through their royal status.

Visibility Rating

A Visibility Rating is also included on each billionaire and millionaire’s profile to help show the degree to which every listed individual’s books (company’s annual reports, balance sheets etc.) were accessible.

‘A’ Rating is to show that Goodman AMC had extensive information for billionaire or millionaire’s net worth calculations

‘B’ Rating is to show that Goodman AMC had limited access to information on billionaire or millionaire’s assets was limited.

A Caveat

The Ghana Wealth Report is for information purposes only. It is not investment advice, any investment advice based on this report should be directed to the contact below. The Ghana Wealth Report 2015 was developed by Goodman AMC.

Contact:

Source: Data Credit: Goodman AMC
Email: [email protected]