Ghana is home to some of the richest people on the continent and it boasts of the largest economy in West Africa. With its huge human, cultural, tourist, and mineral resources, it’s the pride of Africa. Ghana’s GDP is growing at a decent annual rate since 2012 and is expected to keep at the same pace in the coming years.
Presently, Ernesto Tarricone is the richest man in Ghana with a net worth of $1.3 billion. It’s not a surprise to find prominent individuals that are known as the richest men in Ghana with large fortunes in a country with diverse cultures.
Top 10 Richest Men in Ghana
1. Ernesto Tarricone
With an estimated net worth of about $1.3 billion, Ernesto Tarricone is the richest man in Ghana. His birthplace was in Italy but was made a United States citizen through naturalization just a couple of years back. Tarricone decided to move to Ghana due to the potential of Ghana’s economy.
He has made numerous investments across various sectors of Ghana’s economy. Tarricone was able to increase his earnings to billions of dollars in only a few years as the Executive Chairman and CEO of the Trasacco business. His numerous businesses employ about 4,000 Ghanaians and expatriates, which contribute to the Ghanaian government’s policy of local content.
He was the one who conceived the Trassaco Valley, which is the home of some of Ghana’s most luxurious buildings as a civil engineer. His investments are spread out across Ghana’s top-performing industries including mining and agriculture, real estate construction, construction, and many more.
2. Dr. Kwame Addo Kufuor
The brother of former President John Kufuor is estimated to be worth around $ 1.2 billion. The politician and medical doctor claim that they are not rich, even though he has numerous high-end homes and has been the Minister of Defense during the administration of his brother. In five years Addo-Kufuor completed his medical studies at Cambridge University.
He continued to study in this field after earning his Bachelor’s degree in the Middlesex Medical School Hospital and Jesus College. Despite his medical education He never planned to pursue an academic career in medicine because his political ambitions trumped his desire to pursue a career in medicine. Addo-Kufuor is currently President of the Ghana Chamber of Mines.
3. John Mahama
With an estimated Net worth of over $900 million, he is one of the richest men in Ghana. Mahama was elected president of Ghana in 2012 just after Atta Mills who passed away while in office. Mahama began working as a journalist historian and communication expert.
In his career as a politician in the past, he’s held various posts including Minister of Communications, the Deputy Minister of Communications, a Members of Ghanaian Parliament as well as Vice President of Ghana. Before he took on any of these political roles, Mahama worked as a secondary school teacher of history.
4. Mohammed Ahmed Odaymat
With an estimated net worth of $850 million, Alhaji Mohammed Ahmed Odaymat is among the wealthiest individuals living in Ghana. Mohammed Ahmed Odaymat was born in Ghana but has Lebanese descent. Before purchasing BBC Industrial Company in 1978, he worked for Toyota Ghana.
He is currently the chairman of IPMC the company which concentrates on growing the digital economy of the region through system integration and software development. It also focuses on IT skills-building initiatives.
Other businesses he established like Rana Motors & Metal Works Engineering Co. Ltd. also provided additional sources of income, which allowed Mohammed Ahmed Odaymat to build impressive net worth and be one of Ghana’s most wealthy individuals.
5. The Irani Brothers
With an estimated net worth of about $800 million, The Irani Brothers are well-known in Ghana. Over the past 20 years, they’ve become known as a household name, providing quality flour and delicious pastries to the citizens of Ghana.
They have made huge improvements in Ghana, especially in the flour business in which they make 55% of Ghana’s pastries and flour. Their impact on the economy of Ghana is so substantial that it can’t be overlooked. The business of the brothers was expanded to include pastries following the fact that they enjoyed huge growth in the sector of flour and mills.
Also, there was a rising demand for pastries that the current companies in the sector could not meet. The company produces more than 200,000 tonnes of flour per year. Their dominance of the market for flour in Ghana is unrivaled.
6. The Kalmonis
The estimated net worth of the Kalmoni family is about $700million making them one of the richest in Ghana. The Kalmoni Family’s wealth is tightly linked to a close relationship with Japan Motors, a big car manufacturer with seven subsidiary companies, which have a worth of $750 million. Kalmoni & Sons was founded in 1912 by the present Kalmoni grandpa of the family, who was believed to be the origin of today’s Kalmoni family.
7. Kwabena Duffuor
Kwabena Duffour has an estimated net worth of about $680 million. Kwabena Duffuor is an internationally renowned Ghanaian politician who has been the Financial Minister as well as Governor of the Bank of Ghana. Duffuor received praise for his work as the Governor of the Bank of Ghana, where he introduced policies to help Ghana’s reserves grow.
The economy of the country grew steadily until it reached its top in 1998. Duffuor was so adept at what he did, that during the annual IMF/World Bank General Meeting, he was awarded as one of the top central bank governors around the world. His charitable work is a testament to his wealth, placing Duffuor among Ghana’s most wealthy individuals.
Before becoming a well-known person in Ghana He began his career with the Ghana Commercial Bank at the lowest level of the organization structure. After his skills and abilities were recognized, he was promoted to become the bank’s chief economist.
After his success in his previous position, Duffuor was promoted to General Manager of the London branch of Ghana Commercial Bank. Duffuor came back to Ghana in 1995 and was appointed to be the Deputy Governor of the Bank of Ghana.
8. Sam E. Jonah
Sam E. Jonah has an estimated net worth of about $600 million and he is one of the richest men in Ghana. He is the chief executive officer of Jonah Capital headquartered in South Africa. The company operates in a variety of businesses and ventures that include mining, agriculture and gas, oil, and real estate finance.
Dr. Jonah began his career in the 1970s when he was hired by Ashanti Goldfields in 1979, then advanced to the post of the company’s CEO. The company was able to climb greater heights and made it the first African company that was listed on the New York Stock Exchange under his management.
Scharrig Mining, Equator Exploration Ltd, Uramin, Equinox Ltd, Range Resources, and Moto Goldmines Ltd are among the companies that he sits as a board member. He also serves as a board member of Lonmin, Standard Bank of South Africa, Transnet, and Ashesi University, among others. He has also served as an ex-president of AngloGold Ashanti, a South African mining company.
9. Serge Bakalian
Sergei Bakalian has an estimated net worth of about $460 million. Despite his African family heritage and Armenian ancestral roots, Bakalian is one of the richest men in Ghana. Bakalian was able to accumulate wealth through the inheritance of the flour mill business of his father and is not like most of the individuals listed on this list, who are self-made millionaires or billionaires.
Bakalian has been able to propel the company to new heights following his acquisition of it through the use of efficient business practices that have brought in millions of dollars of revenue. Many would think the man was blessed after having inherited a huge fortune from his father, however, he made efforts in boosting the value of the company’s assets in just a few years.
10. Dr. Kwesi Ndoum
Dr. Kwesi Ndoum is one of the richest men in Ghana with a net worth of about $300 million. He is known as a prominent businessman and political leader who worked in a variety of capacities in Ghana’s different administrations. He was a member of parliament for the Komenda-Edina-Eguafo-Abirem constituency and served as a minister of state in several positions in President Kufuor’s cabinet from 2001 to 2007.
He lived the majority of his time in the United States before becoming a famous figure within Ghanaian society. He was employed as a Life Insurance Underwriter for North-Western Mutual Life Insurance Company.
After helping British Deloitte & Touche in West Africa, Ndoum amassed the largest sum of money. His contribution to the Ghanaian society was soon acknowledged, and he was recognized with an appointment as a Member of the Parliament in 2001. Ndoum can be, with no doubt, one of the richest men in Ghana today.
Each year, billionaires are born in Africa which indicates that the continent is a mighty and ever-growing influence on the world economy. With the lineup of the richest men in Ghana, it’s evident that Ghana is a country that supports businesses. While there are some politicians listed as a part of the richest men in Ghana, a majority of them have ventured into businesses and are now considered to be wealthy entrepreneurs.