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The Ghana Wealth Report for 2015 was released by Goodman AMC. The report is based on a comprehensive study of more than 100 successful entrepreneurs and investors in Ghana as well as how and what they invest in. This report makes known of fascinating insights about the profiles and net worth of the 80 richest people in Ghana and also provides a compendious review of the wealth sector in Ghana.
Findings from the report shows that tremendous amounts of wealth has been accumulated by Ghanaians during the past 20 years. The report has discovered some intriguing data about the wealthy in Ghana and how they impact on Ghana’s economy and policies.
Goodman AMC predicts that the wealth held by the wealthiest people in Ghana will rise 8.7% during Ghana’s election year in 2016 next year and decline by 2.1% in 2017.
It has also been quite clear from this report that 92% of the wealthy entrepreneurs and investors in Ghana do not have more capital invested in the Ghana Stock Exchange. The report notes that majority of them do not have equity allocations on the Ghana Stock Exchange and haven’t gone public with their businesses, though most increased their equity holdings in Dubai, Switzerland, South Africa and Frankfurt, Germany.
Another major observation by the Ghana Wealth Report by Goodman AMC ascertains the import reliability of Ghana’s economy; 83% of wealthy entrepreneurs in this report are engaged in the business of importing commodities into Ghana.
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). Goodman AMC placed the UHNWI cap at $100 million; meaning that only Ghanaian entrepreneurs and investors with a net worth of $100 million and above were considered for this report.
According to this wealth report, Charles Ampofo is the richest person in Ghana and he made his fortune through Kampac Oil; an oil and gas firm based in the business hub of Dubai. He has a net worth of $1.46 billion.
The second on the rich list with an estimated net worth of $1.3 billion is Ernesto Taricone.The vast majority of Taricone’s wealth comes from real estate and his business interest in the aluminium, agriculture, construction and forestry.
Real estate is the main industry from which Ghana’s Ultra-High-Net-Worth Individuals have acquired their wealth – it is the primary source of wealth for 11.25% of Ghana’s rich in this report. Other important industries for UHNWIs include finance and investment (16.25%), oil and gas (10%), mining (6.25%) and diversified (25%).
Ghana’s 80 Richest People control $2.5 billion which represents 6.4% of Ghana’s GDP, they have a combined wealth of $29.3 billion total and employ over 150,000 Ghanaians directly.Of this 80 Richest people, Top 20 are listed below.
#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
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.
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.
The Ghana Wealth Report 2015 was developed by Goodman AMC.
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