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It is very hard to determine who owns what and who has what in Ghana.
Business men hide their wealth for security and privacy reasons but a consulting firm, GoodmanAMC has unearthed a list of Ghanaians with real cash and investments.
You will be shocked that some Ghanaians are actually worth over a billion in assets, investments and cash. Scroll through the list of the top 20 richest Ghanaians this year as put together by GoodmanAMC.
20. Serge Bakalian
Source Of Wealth: Takoradi Flour Mills, Inheritance
Net Worth: $460 Million
Serge Bakalian is a Ghanaian of Armenian descent and the Executive Director of Takoradi Flour Mills. He inherited the company from his father, Vasken Bakalian. Takoradi Flour Mills had an initial capacity of 200 metric tonnes per day and employed 60 people. Currently, Takoradi Flour Mills has three plants with a total installed capacity of 1,000 metric tonnes per day.
Takoradi Flour Mills has faced several issues in the past three decades. These difficulties included the downturn in the economy in the 1980s which affected sales and financial performance. Its lack of financial resources made it difficult for the company to import wheat. Some workers were laid off temporarily. The energy crises of 1998 affected operations and Takoradi Flour Mills was unable to meet its targets.
19. Ghassan Yared
Source Of Wealth: Forewin Ghana Limited, Diversified
Net Worth: $480 Million
Ghassan Yared owns Forewin Ghana Limited, a Distribution and Marketing Company which was launched in Ghana in March 1993. Rising from very modest beginnings, Hassan has been able to move his company quickly to carve a name for himself and a prominent place on the Ghanaian market map.
Forewin Ghana Group of Companies includes; Mabani Ltd, Mass Industries Ltd, Lewadis FZE, Diplo FZE, Cape Trading Ltd and HMD.
Forewin is the sole marketer and distributor of popular household brands like Peak Milk, St Louis Sugar Cubes, Titus Sardine, Wrigley, Listerene, Red Bull, and GEISHA Mackerel.
18. Kwabena Agyare Danquah
Source Of Wealth: Metalex Ltd. Engineering
Net Worth: $500 Million
Kwabena Adjare Danquah, is a Ghanaian businessman who founded Metalex in 1984 to produce competitively priced high-quality roofing materials. Situated in a suburb of Accra, the company started as a retailer of aluminium roofing sheets but later became a manufacturer of aluminium, clay and plastic roofing materials. Metalex owns other factories which produce clay roofing products and plastic roofing products.
On completion of high school, Danquah joined his father’s retail business and in 1981, with a loan of US$5,000 from his father, he started a small business selling steel filing cabinets. In 1983, Danquah became a salesman and stockist for Ghana Aluminium Products, the largest manufacturer of roofing materials in Ghana. Through his retail business he built up a good understanding of the industry and, in 1984 he decided to move into manufacturing by establishing Metalex to produce roofing sheets. Danquah travelled to the UK to seek equipment to manufacture aluminium roofing sheets. Realizing that the equipment could be produced much more cheaply in Africa, he sought the assistance of a South African engineer who eventually manufactured the necessary equipment for him. This completed the firm’s transition into manufacturing.
17. The Azar Family
Source Of Wealth: Paint
Net Worth: $520 Million
Elias Azar, a Lebanese immigrant in Ghana set up Azar Chemical Industries as a family business in 1968. The company initially operated under the name City Paints and traded in building materials and imported paints.
The company began manufacturing paints in Ghana in the 1980s, operating under the name Azar Chemical Industries which later became the Azar Group, comprising City Paints Supply Limited and Synrez Ghana Limited. City Paints deals in paints and related products, while Synrez deals in the production of packaging products.
The company is run by his two grandsons; Ghazi Azar and Rustom Azar. Ghazi Azar is the managing director, and Rustom Azar who passed on in July, 2015 was an executive director.
Azar Chemical Industries Ltd is the manufacturer of Azar Paint and SHIELD Acrylic Paint.
16. The Hitti Family
Source Of Wealth: Diversified, Ashfoam, Duraplast, Suvinil Paint
Net Worth: $540 Million
Robert Hitti set up Qualiplast in 1973 as a small factory with the name Greenplastica Limited in 1973. A family business, the company started with one small depot and equipment that gave it an operating capacity of between 50 metric tonnes and 100 metric tonnes per month. With a total of 60 employees, its annual turnover fluctuated between US$200,000 and US$300,000 in the early years. The name of the company was changed to Qualiplast in 1992.
Today the HITTI Group consists of 9 companies, located all over the African continent. Some of the subsidiaries under the Hitti Group include; ASHFOAM LIMITED Manufacturers of Foam products, PRO’MOUSSE (NIGER) Manufacturers of Foam products, PRO’MOUSSE (BENIN) Manufacturers of Foam products, DURAPLAST LIMITED Manufacturers of uPVC products, DURAPLAST (NIGER) Manufactures of uPVC Product, QUALIPLAST LIMITED Manufacturers of Household Plastic Products.
The trading arm includes COOLINK LIMITED, NESSTRA (UNITED KINGDOM), NESSTRA (GHANA), HILTI (GHANA), SUVINIL (GHANA).
15. Alhaji Adamu Idrissu
Source Of Wealth: Cocoa, Royal Bank (Financial Services)
Net Worth: $550 Million
In the early 1950’s, Alhaji Adamu, secured his first contract as a sawn timber supplier to GNTC, a successor of A. G. Leventies. From then on Alhaji went on to acquire other contracts to cart goods for A. G. Leventies, Cocoa for Ghana Cocoa Marketing Board and fertilizer for the Ministry of Agriculture.
By 1996, on realizing the need to expand his transport business, Alhaji set up A. A. Iddrisu Transport which later became Global Haulage Ltd.
As of 2014, Global Haulage operated a total number of 388 trucks for various haulage roles. These are made up of 271 Articulators, 111 Cargo trucks.
Global Haulage has been involved in Cocoa evacuation since 1961 mostly for the Cocoa Marketing Board. Global Haulage from 1997 started setting up a number of Licensed Buying Companies (LBCs) to support the haulage sector of the company and to increase profitability. These are – Federated Commodities Limited (FEDCO), Transroyal (GH) Limited, Cocoa Merchants (GH) Limited and Royal Commodities Limited (CROCO). This group forms the second largest internal marketing entity in Ghana.
14. Ramchand Udharam Mohinani
Source Of Wealth: Polytank, Somovision
Net Worth: $580 Million
Ramchand Udharam Mohinani is the Chairman of the Mohinani Group which has a number of successful companies in Ghana like Polytank, Somovision etc.
13. Joseph Siaw Agyepong
Source Of Wealth: J.A. Plant Pool, Zoomlion, YuTong Buses
Net Worth: $600 Million
Mr Joseph Siaw Agyepong is the founder of the Jospong Group. It is one of the largest conglomerates in Ghana with over 32 subsidiaries. The Jospong Group currently operates in eleven industries in Ghana including C A Nzema Oil, Great Consolidated Diamond, J. A. Quarry, J A Plant Pool Limited, J A Vehicle Assembly Plant, Jubilee Tractors, J A Spare parts, J S A Logistics, Royal Heritage, Contrago Trans, J W Transport Company Limited, Accra Compost Limited, Zoil Services, Zoomlion Domestic Services Limited, Zoom Angola, Zoom Liberia, Zoom Togo, Zoom Equatorial Guinea, Zoom Sierra Leone, Zoom Zambia, Sierra Leone Press, Appointed Time Screen Printing, Jospong Printing Press, Pro-writing Publishing, Subah Information Solutions, Sino Africa Development, Creator Digital, Millennium Insurance and Union Savings & Loans.
Great Consolidated Diamond Limited (GCDL), a subsidiary of Zoomlion Ghana Limited (ZGL), acquired 100% shares of Ghana Consolidated Diamonds (GCD) Limited at Akwatia in the Eastern Region at a cost of $80 million.
Union Savings and Loans currently has total assets of about GHC 40 million.
12. Milad Millet & Family
Source Of Wealth: Textiles, Printex, Aquafresh
Net Worth: $620 Million
Milad, a Ghanaian of Lebanese descent founded Millet Textile Corporation Limited in 1958. The company was originally established to manufacture towels. In the early 1980s, the firm changed its name to Spintex Limited and it developed into an integrated textile firm that manufactured high-quality textiles for the Ghanaian and wider African market. Spintex however faced severe competition as a result of the influx of imported used clothing onto the Ghanaian market. This was as a result of the liberalization of the Ghanaian economy under the Structural Adjustment Reform Programme of the International Monetary Fund and the World Bank which resulted in the abolition of import restrictions. Locally produced textiles could not compete with low-priced used clothing. The name of the company was subsequently changed to Printex in 1997.
11. The Awuah-Darko Family
Source Of Wealth: Vanguard Group
Net Worth: $650 Million
The late Nana Awuah-Darko Ampem was the first Ghanaian Captain of the Accra Polo Club and also an Nkosuohene of Ashanti Juaso. He first established Marine and General Insurance Brokers in 1969 after returning from his studies and working abroad. Nana Ampem was compelled to start Vanguard Assurance in 1975 after a law in 1972 made it obligatory for all government institutions in Ghana to deal directly with State Insurance Company and not through a broker.
Vanguard Insurance grew to become the Vanguard Group. Vanguard Group of Companies comprises of Vanguard Assurance Company Limited, Vanguard Life, City Investments Company Limited and Vanguard Properties Limited.
The family of the late the Nana Awuah Darko Ampem inherited majority stakes in his financial services empire and the first indigenous insurance company in Ghana. Approximately 90% of the Awuah-Darko fortune was derived from the Insurance company Vanguard Group. Notable heirs to the Awuah-Darko fortune include:
DANIEL AWUAH-DARKO JNR.
He is the eldest son of the late Nana Ampem and is the Executive Chairman of Vanguard Assurance Company Limited. He is currently the Chairman of Premium Group of Companies. Daniel Awuah together with family, have formed other companies
KINGSLEY KWAME AWUAH-DARKO
Mr. Kwame Awuah-Darko is the Chief Executive Officer of Money Systems, he has worked with Vanguard Assurance Co. Ltd., City Investment Co. Ltd. as Vice President. He is the founder of Matrix Int. Holdings, Marine & General Insurance Brokers. Mr. Kwame Awuah-Darko was recently appointed as the new CEO of the Tema Oil Refinery.
David Awuah-Darko is the founder and CEO of the IC SECURITIES Group, an emerging markets investment banking, wealth management and securities dealing firming with operations in several markets across Africa. The company advises Wilmar, Tullow Oil and other multinationals. David has many years’ experience in investment banking, trading and asset management across several geographic markets including Europe, Asia, Latin America and Africa.
He is the Chairman of United Pension Trustees Limited, Founder of Nationwide Mutual Healthcare and a Director at Vanguard Assurance Company Limited, he is also the Chairman of the Suame Magazine Industrial Development Fund.
The Awuah-Darko’s are ardent Polo fanatics and are all members of the Accra Polo Club.
10. Kwabena Duffour
Source Of Wealth: HODA Group, Star Assurance, Media
Net Worth: $680 Million
Kwabena Duffuor is the Chief Executive Officer of House of Duffour Asset Holdings. He expanded into his real estate portfolio by snapping up skyscrapers in Accra which mostly houses his companies.
His largest holding is in UniBank, one of the largest banks in Ghana, which caters primarily to high and low net worth clients. His sons, Kofi Duffuor and Kwabena Duffuor play key roles in Star Assurance and UniBank respectively; Kofi is the Managing Director at Star Assurance while Kwabena is the Chief Operating Officer at UniBank. They also own a portfolio of commercial real estate in Ghana. Akosua Duffour and Boatemaa Panin Duffour also play major roles at UniCredit whiles Boatemaa Kakra Duffour-Nyarko also serves on the board of Star-Life Assurance.
House Of Duffuor Assets Group owns majority stakes in Unibank, UniCredit, Star Assurance, UniSecurities, StarLife Assurance, and Excellence in Broadcasting Networks (a media conglomerate).
Kwabena founded The Institute for Fiscal Studies (IFS), a non-profit think-tank devoted to the provision of economic policy advice, after he exhibited grave concern about the fiscal policy decisions and management of Ghana’s public finances.
09. Kalmoni Family
Source Of Wealth: Auto (Japan Motors, Silverstar Auto), Lakeside Estate
Net Worth: $700 Million
In 1912, prior to the First World War, the grandfather of the current Managing Director of Japan Motors Ghana, Salem Kalmoni, arrived in Ghana from Lebanon to start some trading activities. His company, Kalmoni & Sons soon branched into truck-boards, and in 1958 he imported the first Japanese car; a Datsun, a brand name which was later changed into the world-famous Nissan.
Kalmoni & Sons was renamed Japan Motors in 1965. Today it has five branches across Ghana and employs over 330 people.
The heirs to the Kalmoni fortune Jalal Kalmoni, Salem Kalmoni, and cousin, Nouhad Kalmoni work in the car industry, leading Japan Motors and Silver Star Auto. The other Kalmoni brother, Salah Kweku Kalmoni, is in charge of the family’s real estate companies, which include Advance Constructions, Lakeside Estates and Silver Star Tower.
The Kalmoni’s obtained their fortune from their automobile company, Japan Motors which has seven companies in its stable; Silver Star Auto Limited, Modern Automobile Services (MAS, formerly Enyidado Industries Limited), Oman Fofor Trading Company Limited, Advance Construction & Development Limited, Lakeside Estate/Agri-Cattle Limited, Silver Star Tower Limited and Star Property Management Limited.
Japan Motors is the sole dealer of NISSAN in Ghana, with a market share of 26% of new vehicle sales in Ghana, also, they are the sole distributor of YAMAHA Motor which controls 80% of the motorbike market in Ghana.
The Kalmoni’s Modern Automobile Services deals in a wide range of vehicles from Korea and China and is a main distributor of TATA vehicles with an on-road presence of 7,000 vehicles in Ghana and West Africa. Modern Auto Services also holds the franchise for SsangYong, Lifan and Foton heavy duty vehicles in Ghana
Oman Fofor Trading Company Ltd is also the sole authorized distributor of Canon Products. It is the largest retailer of photocopy machines in Ghana.
Advance Construction is a construction company which operates a block factory and is located at Lakeside Estate.
Lakeside Real Estate Company has built over 700 houses between 2001 to 2011 for the middle and upper class in Ghana.
Silver Star Tower is the manager of the Silver Star Tower building in Accra. Star Property Management; a division of Silver Star Tower also owns properties in exclusive neighborhoods in Accra. These include the Exams Tower Residence in North Ridge and the Duplex Villas at the Airport West Residential Area in Accra.
Silver Star Auto Limited is the largest dealer in the sale and service of Mercedes-Benz vehicles in Ghana, as well as the sale of spare parts in its capacity as General Distributor of Mercedes-Benz.
8. Patricia Poku-Diaby
Source Of Wealth: Plot Enterprise (Cocoa and Cotton)
Net Worth: $720 Million
Patricia Poku-Diaby was involved in her family’s business (trading and transportation) before she set up the Plot Enterprise Group in Ivory Coast, which was a precursor to the Ghanaian company.
Plot Enterprise Ghana is wholly Ghanaian owned cocoa processing company. The group has market presence in Asia and West Africa and comprises; Plot Commodities (registered with the Dubai Metal and Commodities Centre in Dubai), Plot Enterprise in Ivory Coast and Plot Enterprise Ghana.
Plot Commodities deals in cotton and cocoa and is registered with the Cocoa Merchants Association of America. Plot Enterprise in Ivory Coast is engaged in the trading of cocoa, cashew nut and wood products.
Plot Enterprise Ghana has a plant which has an annual initial bean input capacity of 32,000 metric tonnes. The implementation of the project began in 2006 with trial runs starting in November 2009. The plant was fully commissioned in January 2010.
7. The Irani Family
Source Of Wealth: Flour
Net Worth: $800 Million
Two Lebanese brothers, Anthony Irani and Edmund Irani, who immigrated to Ghana founded Irani Brothers & Others Limited in 1967 to produce wheat flour for the bread and pastry industry. It accounts for about 60% of wheat flour sales in Ghana. They provided the required start-up capital and have operated and managed the firm as a family business ever since. Anthony and Edmund Irani, who both had technical expertise in the flour milling business, provided leadership for the company.
One of the unique attributes of the company is that the two brothers developed and implemented a good succession plan to identify and develop the capacity of individuals within the Irani family to take up leadership positions in the company. This plan has contributed to the operational success of the company over the past 40 years. Although Anthony and Edmund Irani are both deceased, the managing director of the company is a member of the Irani family (a son-in-law of the founders). Irani Brothers & Others Limited is the oldest and largest wheat flour mill in Ghana and is one of the most successful of Ghana’s second- and third-generation companies.
6. Mohammed Ahmed Odaymat
Source Of Wealth: Diversified, Rana Motos, BBC Leyland & Leylac Paints, Aquafill Mineral Water
Net Worth: $800 Million
Alhaji Mohammed Ahmed Odaymat is a Ghanaian of Lebanese descent. He started as an employee of Toyota Ghana and later went on to buy BBC Industrial Company in 1978, BBC Industrial was then owned by Boutros BouChedid, also a Ghanaian of Lebanese origin. After Odaymat’s take over of BBC Industrial Company, he developed the Leyland and Leylac brand of paint products. The company has currently expanded from a single shed to taking up about 80% of the 4-hectare site on which it is located today.
Mohammed Odaymat also founded Rana Motors and Metal Works Engineering. He started off with a structural engineering workshop and a simple tyre outlet. From then on, the company evolved by diversifying into new business lines, constantly adding reputable brands into its portfolio. Odaymat began commercializing tyres in the late 1980’s, by 1991 he associated with the Goodyear brand. During the late years of 1999 (Ghana’s mining boom), Rana Motors diverted its attention towards the mining tyre segment, which was made accessible by Goodyear’s strong products in this category. These factors led to Rana Motors finally securing an exclusive dealer agreement with Goodyear for earth moving tyre supplies in Ghana.
Mohammed Odaymat is the Board Chairman of BBC Industrial (Ghana) Limited, producers of Leyland and Leylac paints in Tema. BBC Industrial Company is the largest local paint manufacturer in Ghana and accounts for about 55% of locally produced paints. The average turnover of the company is in the region of $45 million per annum. His son Esam is currently the CEO of the company.
Odaymat’s company, Rana Motors & Metal Works Engineering Co. Ltd. became the authorised distributors of KIA MOTORS in 1986 and have four branches in Ghana (Accra, Tema, Kumasi and Takoradi) and the West African region. The company has a turnover of over US$100 million per annum.
The company also acquired the agency rights for Ashok Leyland commercial vehicles as well as Swaraj Mazda commercial vehicles and tractors, Yuejin commercial vehicles, and Suzuki motorcycles. Yuejin commercial vehicles, and Suzuki motorcycles of the automotive division has a turnover of about $45million per annum.
Odaymat’s tyre company, West Africa Tire Services Ltd are the distributors of Goodyear earthmoving tyres and the principal franchise holders of Goodyear’s Vulco retail arm; with over 500 employees. Rana Motors currently imports the whole range of Goodyear tyres in Ghana and West Africa and other range of automotive batteries.
The mining industry accounts for 30% to 35% of the company’s tyre distribution business with the rest represented by the construction, institutional, and haulage sectors. Rana Motors is a diversified company.
His company; Highland Springs manufactures the Aqua Fill brand of mineral water, which is a brand leader in the bottled water business. The plant in Ghana has a capacity of 20 million litres per year.
The other companies under the Rana Group are; Khomara Printing Press Eakaza Food & Consumables, Belshina Africa Limited and Lana Travel and Tours Limited.
5. Michael Ibrahim Mahama
Source Of Wealth: Mining (Engineers & Planners)
Net Worth: $860 Million
Ibrahim’s interest in private sector business began with his development of interest in heavy duty equipment whilst assisting his father on his mechanized rice farms in Tamale, Ghana. He developed a further interest in the U.K. where he resided for a period of five years and worked in the civil construction industry in Scotland. He also worked with M&M Properties in the U.K., a property development company.
Engineers and Planners is the largest indigenously owned mining company in West Africa and is specialized in the management and hiring of heavy duty plants, equipment and machinery, haulage, oil and gas, land reclamation and restoration, dam construction and mining, the company operates in five countries: Ghana, Liberia, Sierra Leone, DR Congo and the Republic of Guinea.
Ibrahim is a philanthropist whose charitable foundation has been involved in impacting lives in communities where his company operates; Ibrahim put up a 3 classroom block for the people of Awunakrom in Mpohor and constructed of a nurses quarters for the Tarkwa Government Hospital and Midwifery Training School.
4. Nabil Edmond Moukarzel
Source Of Wealth: Finatrade Group (Commodities like Rice Masters, Sultana Rice, Rice)
Net Worth: $900 Million
Ghana Market Direct Ltd, a subsidiary of Finatrade Group, is an FMCG company with a turnover of $1 billion in net sales. The company distributes well known international branded soft commodities and a range of own brands which includes Sultana, Rice Master, Bella, Delicio. Finatrade controls 50 percent out of the 70 percent of rice imports in Ghana.
Nabil Moukarzel owns the most shares by value in The Finatrade Group which is one of the largest food manufacturing and food distribution companies in West Africa. Moukarzel’s company is Ghana’s largest distributor of food and importer of rice with its Rice Master and Sultana rice brands.
Finatrade, through its subsidiaries, distributes and markets raw commodities and frozen foods. It offers vegetable oil, sugar, rice, cocoa, meat, ice cream, dairy products, beverages, powdered milk, animal feed, tiles, granite, marble, false ceilings, sanitary and kitchen ware. Additionally, the company provides warehousing and logistics services. Finatrade is the largest commodity and distribution company in Ghana, with presence in seven West African countries. Moukarzel employs over 2,000 Ghanaians.
3. Sir Sam Jonah
Source Of Wealth: Investments (Anglogold Ashanti, Mett Insuarance, Bayport Financial Services, )
Net Worth: $1.2 Billion
Sir Sam Jonah reached the prime of his career when he led the $1.48 billion merger between Ashanti Goldfields and AngloGold in 2004. A lot of mining companies have benefited from Sam Jonah’s expertise in the mining industry. Sam’s equity fund, Jonah Capital owns 14 mineral resource assets across 10 countries in Africa.
Sam helped Equinox Minerals; a mining exploration company based in Zambia to increase its market share capitalization in 2006 and was sold to the Barrick Gold Corporation for $7.4 million. Moto Goldmines, another mining company which benefited from Jonah’s experience in mining, grew from a $50 million market capitalization company and was sold to Randgold Resources and AngloGold Ashanti in October, 2009.
When he became chairman and shareholder of Scharrighuisen (buying in on concessionary terms), Jonah went on to rebrand Scharrighuisen as a new mining services company to be called Sentula Mining. Jonah Capital and Coronation Capital were the two largest shareholders when they sold some of their shares, at around $2.60. The combined sales were reported to amount to $85.4 million.
According to Vodafone Group Plc’s 2014 Annual Report, Sam Jonah is paid an annual salary of GBP 151,000 and benefits of GBP 160,000 for being a non-executive director at Vodafone Group Plc, his interest in shares also stood at 30,190 shares. He has served a non-executive board member since 2009.
2. Ernesto Taricone
Source Of Wealth: Real Estate (Trassaco Group, Trassaco Valley)
Net Worth: $1.3 Billion
Ernesto Taricone is an industrial investor and civil engineer, he is the Executive Chairman and CEO of Trasacco Group which employs over 4000 Ghanaians and expatriates.
Ernesto Taricone was born in Italy in 1948; he came to Ghana in 1968 with his father and two brothers when he was still in his teens. The majority of his business is focused on Ghana covering various key sections in the Ghanaian Economy; Agriculture, Mining, Forestry, Construction and Real Estate development.
In the nineties, Taricone after working with construction developers and raising funds decided to use that experience to develop a land his late father, Baron Fiore Taricone had acquired. He started the township which he had envisaged and called it Trasacco Valley (after a town in Italy where his family came from). Ernesto is currently developing Trasacco Valley into a mini town which will take 10 years to complete.
Ernesto acquired his wealth from his construction and real estate development firm, Trasacco Estate Development Company (TEDC), the developers of Trasacco Valley which is the pioneer in luxury planned apartment and high end property developments for the affluent in Ghana. Trasacco also developed and owns the The Aurora Luxury Apartments in Accra.
Development works are still ongoing to expand the Trasacco Valley into a mini-town with 1000 homes and will include a mini golf course with recreational facilities and a commercial zone.
The overall project investment into Trasacco Valley amounts to $400 million, the homes cost between $1 million to $3 million to purchase.
Trasacco Estate Development Company (TEDC) currently has over $500 million in ongoing projects.
Trasacco Group has another subsidiary called Casa Trasacco an interior design company which is managed by his nephew Massimiliano and daughter Agata Taricone.
Another subsidiary of the group; TEDC Quarry located in Shai Hills, has a total production capacity of 60,000 tonnes per month capacity.
Taricone co-owns Michelleti & Co. which he acquired together with two partners in 2004. Michelleti & Co has been operating as a construction firm in Ghana for over 60 years. Its landmark developments include the Hockey Stadium in Accra and the Accra Sports Stadium reconstruction. The company constructed the luxury 61 apartment, the Beaufort Ridge at North Ridge in Accra on behalf of Beaufort properties at the cost of $10 million; The World Bank Office at Ridge, Accra and the One Airport Square building at the Airport City also in Accra.
Ernesto Taricone’s Trasacco Estate Development Company developed and owns the Villaggio Vista Condominium which is now a landmark in Accra for being the tallest building in Ghana. The project cost $125 million to develop and features $2 million penthouse apartments.
Empire Builders Ghana another subsidiary also has a land bank of 150,000 acres.
In agriculture, Taricone owns Sant Agata Agricultural Property of Barone Taricone Ltd with over 52,000 acres of farm land dedicated to pineapple, banana, and other agricultural development. He also owns a 2,103 acre plot of land designated for a tourism development project.
Ital Pre-stress and Construction Products Ltd is also a factory he owns which produces prefabricated concrete sections and manufactures prestressed concrete products. It is the manufacturer of the “Trasacco Fast Floor” (beam and block, hollow core and biscuit slab systems) with depots in Accra and Kumasi.
Tarricone co-owns Royal Aluminium Systems, a factory which was set up for the production of Aluminium Windows and Doors and Curtain Walls. The company recently completed the construction of their new automatic glass factory and has the largest market share for the supply in terms of both volume and product quality in Ghana.
Taricone’s Gulfwing Aviation Ltd based at the Kotoka International Airport also offers helicopter services and provides private executive helicopter transportation for both commercial and passenger transport. Most of the company’s clients are oil and gas companies operating in Ghana.
Other subsidiaries under the Trasacco Group are Fabi Timbers Ltd in Kumasi which specializes in wood processing for exports; with monthly sales of $1 million and Fabi-BRM Wood Processing Co. located outside of Cape Coast; 95 percent of its products are exported to Europe and America.
West Africa Industrial Development is also another factory which produces timber doors.
1. Charles Ampofo
Source Of Wealth: Oil & Gas (Kampac Oil)
Net Worth: $1.46 Billion
Charles Ampofo is the Chairman and Founder of Kampac Group which is headquartered in the business hub of Dubai in the United Arab Emirates. The Group engages in various activities and operates Kampac Oil as its primary business. Other companies under the Group includes Kampac Properties, Kampac Travels, Kampac Flora, Kampac Telecom and Kampac Resources.
In 1999, Ampofo founded Universal Transfer Service as a Financial Services and Funds Transfer company which went on to build an entire multi-banking network in Côte D’Ivoire which consisted of 24 banks. Under his leadership, the company has post growth of more than 30% over the last 10 years.
He has created the largest energy city in the world in the Philippines and upon completion the company will be one of the top 50 oil companies in the Far East. He is a member of the Global Fortune Forum since 2005.
Kampac International PLC was founded in 1988 in Dubai, the United Arab Emirates with additional offices in the United Arab Emirates, Ivory Coast, the United Kingdom, Greece, Jordan, Nigeria, Senegal, Venezuela, Canada, Ghana, and South Africa.
In 2010 Ampofo listed Kampac Oil on the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse, FWB) as Kampac International Plc, the firm secured 1.2 billion Euros after going public to help fund its investments in Africa after listing. Th Kampac Group generates an annual revenue of $3.4 billion with operations in 13 countries
In 2011 Kampac Oil increased its asset base in exploration and production through acquisition of low risk assets, including producing and near production assets. This increased the total number of oil blocks and fields in the company’s portfolio; Kampac has 8 oil blocks in Kazakhstan, 3 in Mauritania, 2 in Nigeria and 2 in Senegal.
In Kazakhstan, Kampac Oil’s asset produces 40,000 barrels per day with estimated reserves of about 500 million barrels whereas in Mauritania the company’s asset produces 35,000 barrels per day with an estimated 300 million barrels.
Kampac acquired two blocks in Senegal, one onshore and the other offshore in Senegal. The 2 blocks called the St Louis block and Louga Block has oil reserves of between 3 to 6 trillion cubic feet (TCF) of gas, and 400 million barrels. Petrosen (Senegal’s national oil company) owns 15 percent whiles Kampac owns an 85 percent stake in the blocks. These 2 blocks are valued at more than $2 billion
Kampac also has a 40 percent stake in Allem Transoil Refinery in Kazakhstan with refining capacity of 24,000 barrels/day. The company intends to invest $100 million in the refinery to increase refining capacity to 40,000 barrels/day.
Kampac Oil Middle East of Dubai, a division of Kampac International Plc., invested $5 billion to transform a 200-hectare property in Sual, Pangasinan in the Philippines into an “Energy City,” Kampac will employ about 10,000 to 14,000 workers once the project is completed.
Kampac Properties, a subsidiary of Kampac Group developed the Kampac Twin Tower in the business district of Colombo, Sri Lanka. The company is also undertaking a 10,000 Housing Project for the Ghana Police Service.
Dubai based KAMPAC FLORA another subsidiary distributes Ghanaian fruits and vegetables on the Dubai market which accounts for 10 percent of Ghana’s fruit exports
Phoenix completed contracts which had over $4 billion audited financials with Tri Star and Kampac Oil to perform certain mobilization, transportation and construction projects.
Kampac Oil Middle East, whose activities include oil and gas exploration, building oil storage facilities and trading in crude oil, has recently concluded a $70 million Memorandum of Understanding for a floating oil storage facility in Ghana. Kampac is currently finalizing a deal for a 600,000cbm crude oil storage farm and a 100,000 barrel/day refinery for a Venezuelan company.
See the complete list of 80 of the richest Ghanaians HERE