You are here: HomeBusiness2022 02 18Article 1472288

Business News of Friday, 18 February 2022


Ghana's richest investor in banking is worth over US$9 million - Report

Daniel Ofori, Investor Daniel Ofori, Investor

Wealthy Ghanaian businessman Daniel Ofori’s investment in Ghana’s fourth-largest bank, Societe Generale Ghana, is now worth GH¢57.9 million (US$9.03 million), owing to a rise in the firm’s shares in 2021.

Societe Generale Ghana, a subsidiary of the French international investment bank Societe Generale, operates as one of 17 operational divisions of the Paris-based banking company in Africa, with 45 networked branches.

Ofori, a major businessman and serial investor with interests and a diverse portfolio in Ghana, owns 6.8 percent of the Accra-based bank. He also has shares in Ghana Commercial Bank, Fan Milk Plc and CAL Bank.

The firm recorded a 51.9-percent rise in profit from GH¢93.5 million (US$14.6 million) in 2020 to GH¢142.1 million (US$22.1 million) in the first nine months of 2021, owing to the bank’s well-executed cost-cutting policies.

The bank’s assets climbed from GH¢5.1 billion (US$791.7 million) to GH¢5.7 billion ($884 million), while the shareholders’ fund increased from GH¢895.5 million ($138.9 million) to GH¢1.07 billion (US$165.9 million) as a result of the solid performance.

Due to a double-digit increase in the group’s shares over the year, Ofori earned US$4.2-million from his position in 2021.

As of press time on February 14, shares in Societe Generale Ghana were at GH¢1.2 (US$0.186), giving the top bank a market capitalization of GH¢851 million ($131.7 million) on the Ghana Stock Exchange.

At the current price, Ofori’s share is worth GH¢57.9 million (US$9.03 million).

Aside from his holding in Societe Generale Ghana, the combined value of his stock investments in Ghana Commercial Bank, Fan Milk Plc and CAL Bank makes him the richest investor on the local exchange.