• Wed. Aug 10th, 2022

Ghana’s richest investor in banking is worth over US$9 million – Report

Due to a surge in the firm’s shares in 2021, wealthy Ghanaian businessman Daniel Ofori’s stake in Ghana’s fourth-largest bank, Societe Generale Ghana, is now worth GH57.9 million (US$9.03 million).

With 45 networked branches, Societe Generale Ghana, a subsidiary of the French international investment bank Societe Generale, is one of 17 operational divisions of the Paris-based banking firm in Africa.

Ofori, a prominent Ghanaian businessman and serial investor with a wide portfolio, owns 6.8% of the Accra-based bank. He also owns CAL Bank, Ghana Commercial Bank, and Fan Milk Plc.

Due to the bank’s well-executed cost-cutting initiatives, earnings increased by 51.9 percent from GH93.5 million (US$14.6 million) in 2020 to GH142.1 million (US$22.1 million) in the first nine months of 2021.

As a result of the strong performance, the bank’s assets increased from GH5.1 billion (US$791.7 million) to GH5.7 billion ($884 million), while the shareholders’ fund increased from GH895.5 million ($138.9 million) to GH1.07 billion (US$165.9 million).

In 2021, Ofori earned US$4.2 million from his position, thanks to a double-digit growth in the group’s shares during the year.

Shares of Societe Generale Ghana were trading at GH1.2 (US$0.186) at press time on February 14, giving the top bank a market value of GH851 million ($131.7 million) on the Ghana Stock Exchange.

Ofori’s share is worth GH57.9 million (US$9.03 million) at the present price.

Aside from his stake in Societe Generale Ghana, his his holdings in Ghana Commercial Bank, Fan Milk Plc, and CAL Bank make him the most wealthy investor on the local exchange.

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