Ghana's richest investor sees shares in one stock plummet by US$2.4m in 2023 alone

Renowned Ghanaian businessman and serial investor, Daniel Ofori, is experiencing a challenging year as the market value of his holdings in one of Ghana’s largest banks, Société Générale Ghana, has plummeted by over $2.4 million since the beginning of the year.

Société Générale Ghana, a subsidiary of the prestigious French multinational financial services group Société Générale, has a strong presence in Ghana with approximately 45 branches spread across the country. As the fourth-largest bank in Ghana, it is one of the 17 subsidiaries of its Paris-based parent company in Africa.

Daniel Ofori, the richest investor on the Ghana Stock Exchange, owns a substantial stake of 6.8 percent in Société Générale Ghana, representing 48,241,241 shares. Consequently, he holds the largest individual ownership in the bank.

Since the beginning of the year, the market value of Ofori’s stake in Société Générale Ghana has witnessed a significant decline of GH¢19.78 million ($2.41 million). This slump has caused his stake to fall from GH¢48.24 million ($4.88 million) to GH¢28.46 million ($2.47 million) at the time of this report.

The decline in the market value of Ofori’s stake can be attributed to a combination of factors. Firstly, the bank’s share price experienced a sharp decline of 41 percent on the Ghana Stock Exchange. Additionally, the Ghanaian Cedi, the national currency, suffered a devaluation of over 25 percent since the beginning of the year.

Excluding the devaluation of the Ghanaian Cedi, Ofori would have experienced a decline of GH¢19.78 million ($2 million) from Jan. 1 to June 28. However, due to the devaluation, the market value of his stake in Société Générale Ghana suffered an additional decrease of $406,000.

Despite this recent setback, Daniel Ofori remains the richest investor on the Ghana Stock Exchange and one of the wealthiest businessmen in the country. His position is a result of his well-diversified investment portfolio, which includes holdings in various companies such as GCB Bank, Fan Milk Plc, CAL Bank, and Société Générale Ghana.

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