Ghana stock market investor Daniel Ofori is set to pocket GH₵19.87 million in dividends from GCB Bank after a 2-year payout freeze

GCB Bank PLC declared a final dividend of GH₵1.00 per share for the 2025 financial year on April 17, ending a 2-year dry spell for shareholders after the Bank of Ghana withheld approval for the previous year's proposed payout and handing Ghana's richest stock market investor Daniel Ofori a windfall of GH₵19.87 million ($1.66 million).

The announcement was made at the bank's 32nd Annual General Meeting, where Board Chairman Professor Joshua Alabi told shareholders the regulator had not approved the prior year's proposed dividend, a decision he described as disappointing for both directors and investors.

"Last year, the regulatory authorities did not approve our proposed dividend. This was disappointing, not only for you, our valued shareholders, but also for us as directors," Alabi said. "Your concerns are our concerns, and your satisfaction remains our priority."

He added that the board had engaged extensively with the central bank over the intervening period to address its concerns, and that those efforts had produced a positive outcome. "I am delighted to announce that the Bank of Ghana has granted approval for the payment of dividends for the 2025 financial year," Alabi said.

What Ofori collects

Ofori holds 19,867,154 shares in GCB Bank, a 7.5% stake that makes him the 3rd largest shareholder in the lender behind the Social Security and National Insurance Trust and the Ghanaian government. At GH₵1.00 per share, his total dividend entitlement from this single holding comes to GH₵19,867,154 — approximately $1.66 million at the GHS 12 to $1 exchange rate.

It is the kind of income that does not come from trading. Ofori is known across Ghana's capital markets as a long-term holder who built his listed equities portfolio over more than 2 decades through patient accumulation rather than frequent transactions. The GCB Bank dividend is a direct reward for that patience and, after the disappointment of a missed payout in the prior cycle, a particularly welcome one.

Strong results underpinned the payout

The dividend came on the back of one of GCB Bank's strongest annual performances in recent memory. Managing Director Farihan Alhassan reported operating profit growth of 67.4% year on year to GHS 3.17 billion, while operating income rose 40.9% to GHS 6.3 billion.

Total assets expanded 23% to GHS 52.6 billion, deposits grew 19.7% to GHS 41.3 billion and loans expanded 56.8%. Asset quality improved materially, with the Non-Performing Loan ratio falling to 10.3% from 15.1% in 2024, reflecting what Alhassan described as better underwriting discipline and stronger loan recovery processes.

Return on equity reached 39% and earnings per share came in at GHS 7.78. The bank's share price surged from GHS 6.37 at the start of 2025 to GHS 20.11 by year end, a gain of approximately 216% that rewarded shareholders well before the dividend was even declared. Management noted the stock still trades below book value, pointing to further upside potential for long-term holders.

Net Interest Margin settled at 14.4%, which the bank described as resilient given ongoing pressure on interest margins across Ghana's banking sector.

Who Daniel Ofori is

Ofori is the most closely watched individual investor on the Ghana Stock Exchange and has held that position for years. His listed equities portfolio is the most valuable of any single individual on the exchange, spanning multiple banks and an insurer.

Beyond GCB Bank, he holds an 11.25% stake in Société Générale Ghana, where he ranks among the largest private shareholders of the French-owned lender. He holds 0.615% of CAL Bank and a 5.91% stake in SIC Insurance, Ghana's largest general insurer, where he is the 4th largest shareholder. His broader portfolio extends to Enterprise Group, Standard Chartered Bank Ghana, Republic Bank, Fan Milk, Guinness Ghana and Camelot Ghana, among other listed names.

His private business interests run equally wide. He founded White Chapel Limited at the age of 15, building it into Ghana's largest apparel superstore chain before stepping back from day-to-day management. White Chapel operates as a supplier, manufacturer and trader of personalised casual wear, accessories and apparel, with export and trade relationships spanning Asia, Australia, Canada, the United Kingdom and the Middle East. He later founded Advance Ventures Limited, a structural design and real estate company based in Kumasi offering residential and commercial properties, and Dano Engineering, whose products include Dano air conditioners.

Born and raised in Kumasi and hailing from Juaben in the Ejisu-Juaben Municipality, Ofori is also an ordained Deacon and Elder of the Ghana Baptist Convention, carrying the title of Evangelist Extraordinaire. He is noted for a personal frugality that stands in sharp contrast to the scale of wealth his investment portfolio has quietly accumulated over 2 decades.

The GCB Bank dividend, when paid, will rank among the most significant single dividend receipts by any individual investor in Ghana's recent stock market history. It is also a straightforward illustration of what long-term investing in the right institutions can produce when those institutions finally perform and regulators get out of the way.