Richest investor on GSE loses $1.6 million due to cedi depreciation, other factors

The market value of the stake of Daniel Ofori, a Ghanaian businessman, in GCB Bank reduced by more than $1.6 million since the beginning of this year.

Daniel Ofori who ranks as the richest investor on the Ghana Stock Exchange lost the money due to the depreciation of the cedi and a decline in the group’s share price, according to billionairesafrica.com.

Data provided by the portal stated that the market value slumped by GH₵8.7 million since the beginning of 2023, resulting in a total value loss of $1.6 million.

Daniel Ofori is said to own 7.49% of GCB Bank which makes him the third largest shareholder after SSNIT and the government.

GCB Bank accounts for more than 11% of Ghana’s banking industry deposits and ranks as the 9th most valuable company on the Ghana Stock Exchange.

However, the bank has slumped by 20.66 percent declining from GHC3.94 ($0.345) on January 1, 2023, to GH¢3.50 ($0.307).

This has resulted in losses for its shareholders as well.

“As a result of the combined impact of a double-digit percent slump in the group’s share price and the impact of currency devaluation, the market value of the stake held by Ofori has slumped by GHC8.7 million ($1.6 million) since the start of the year, falling from GHC78.2 million ($7.67 million) on Jan. 1 to GHC69.47 million ($6.08 million) at the time of writing,” the report by billionairesafrica.com said.

However, despite the hit, Daniel Ofori remains the richest investor on the Ghana Stock Exchange.

SSD/NOQ

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