Table of Contents
Ghanaian investor Daniel Ofori's stakes in three of the country's listed banks are now worth about GH₵961.9 million, or $81.8 million, after a rally in GCB Bank shares lifted the value of his largest holding.
Ofori owns 17,390,913 shares in GCB Bank, 48,273,627 shares in Societe Generale Ghana and 15,377,194 shares in CalBank. At Tuesday's prices on the Ghana Stock Exchange, those positions were worth GH₵704.3 million, GH₵246.2 million and GH₵11.4 million, respectively, according to Billionaires.Africa calculations at an exchange rate of GH₵11.76 to the dollar.
GCB accounts for almost three-quarters of the total. His 6.56% stake in Ghana's largest indigenous bank is worth about $59.9 million.
GCB shares double
The increase in his wealth this year has come largely from GCB. The bank's shares closed at GH₵40.50 on Tuesday, roughly double their price at the start of the year. GCB has a market value of about GH₵10.7 billion.
His other two holdings have risen more modestly. Societe Generale Ghana shares have gained about 14% this year to GH₵5.10, and CalBank shares have risen about 16% to GH₵0.74. Ofori's stake in Societe Generale Ghana is worth about $20.9 million, while his CalBank shares are worth about $968,000.
A new partner at Societe Generale Ghana
His second-largest holding is about to get a new controlling shareholder. On Oct. 1, Morocco's Attijariwafa Bank agreed to buy 55.22% of Societe Generale Ghana as France's Société Générale sells its entire 60.22% stake in the Ghanaian lender. Ghana's Social Security and National Insurance Trust will buy the remaining 5% of the French bank's holding, lifting its own stake to 24.36%.
Ofori's 6.81% stake will make him the bank's third-largest shareholder once the deal closes, behind Attijariwafa and the pension fund. The transaction still needs approval from regulators and the stock exchange, and the price has not been disclosed.
Attijariwafa is controlled by Al Mada, the investment company of Morocco's royal family, and has become one of Africa's most active acquirers of banks. Its arrival gives Ofori a well-capitalized majority partner in a lender that ranks fifth in Ghana by loans.
Ghana's veteran stock investor
Ofori has built his position over decades by accumulating stakes in Ghana's leading banks and insurers, and for years he was the best-known individual investor on the Ghana Stock Exchange.
That distinction passed this year to William Tewiah, the founder of fuel distributor ZEN Petroleum, whose 80% stake in his company has been worth more than any other individual's holding on the exchange since ZEN listed in April. Tewiah's stake is now worth about $392 million.
Unlike Tewiah, whose fortune rests on a single company he founded, Ofori is a portfolio investor whose wealth depends on the performance of the companies he owns shares in. The rally in Ghanaian bank stocks this year has lifted all three of his positions, and the Attijariwafa deal now adds a new controlling shareholder at one of them.
The intelligence satisfies curiosity. The paid briefings satisfy strategy.
Every Monday, Elite subscribers receive an Investor Memo breaking down the deal, the structure and the positioning behind the week's most consequential African wealth story - the kind of analysis that doesn't appear anywhere else.
Twice a month, a Wealth Intelligence brief profiles a single billionaire's holdings, cash flows and expansion pipeline in detail no public source matches.
→ Executive ($25/mo): Daily newsletter + Deep-Dive Reports
→ Elite ($75/mo): Everything above + Investor Memos + Wealth Intelligence + Quarterly Analyst Briefings
Subscribe now
