The richest man in Ghana is Ernesto Tarricone with a net worth of $1.3 Billion. He is, however, a few hundred million below the $2 billion mark that would have earned him a place on the top 20 richest people on the African continent.
The wealth of the richest men in Ghana is relatively low when compared to other countries like Nigeria and South Africa. Nonetheless, Ghana’s richest people are known to have mostly built their fortune through determination and hard work, considering the fact that the country’s economy is not as robust as that of a number of others on the continent.
Something else that is fascinating about the richest people in the country is that they are known to lead and maintain a very low profile even with the wealth they have amassed. With that said, here’s a look at the names that make the list of wealthy people in the country.
Meet The Richest Man in Ghana
While these may be the richest men in Ghana, there are women and families with more fortune than some the individuals on the list. More so, the list combines people of Ghanaian descent, as well as others who immigrated to the West African country or made their fortune there.
1. Ernesto Tarricone – $1.3 Billion
- Age: 76 years old
- Education: NA
- Industry: Real estate
With the passage of Ampofo, Ernesto Tarricone became the richest man in Ghana. The billionaire was not born in the country, but he has made it his home since moving from his home country of Italy in 1968, with his father and two brothers. He was still a teenager at the time.
Ernesto rose to become a very wealthy man, thanks to his investment in some of the key sectors of the Ghanaian economy, including real estate development, construction, agriculture, and mining. He is famous for the mini-town he is developing, Trasacco Valley, as well as the Trasacco Estate Development Company (TEDC). Tarricone also owns many other businesses, including the Royal Aluminium Systems which is into the production of aluminum windows and doors and curtain walls, ital pre-stress and construction products, and Gulfwing Aviation Ltd among many others.
2. Sir Sam Jonah – $1.2 Billion
In 2003, Sir Sam Jonah became the first Ghanaian to be knighted in the 21st century when he was presented with an honorary knighthood by the Prince of Wales, in recognition of his achievements as an African businessman and a leading business executive from the Commonwealth. pic.twitter.com/Bz1qtMJjsz
— Adisadel College (@AdisadelColIege) April 13, 2019
- Age: 74 years old
- Education: Camborne School of Mines and Imperial College of Science and Technology London.
- Industry: Diverse
Sir Sam Jonah is one of the biggest names in the business community in Ghana. He has been around for quite a long time as a businessman and has achieved so much in the process. He first made a name with AngloGold Ashanti which he became the chief executive officer of when he was only 36. Jonah has also had investments in different parts of the African continent, including South Africa where he has the equity fund known as Jonah Capital.
A board member of Vodafone, as well as the Global Advisory Council of the Bank of America, Sam gained his education both in the country and in other parts of the world, including the United Kingdom. He is the Chancellor of the University of Cape Coast, UCC.
3. Kwame Addo Kufuor – $1.2 Billion
- Age: 83 years old
- Education: University of Cambridge
- Industry: Diverse business interests
Among other politicians in the country, Kwame Addo Kufuor is one of the richest men in Ghana, thanks to his net worth which is estimated at $1.2 billion. Equally a physician who made his wealth from various businesses, he is a brother to the former president of Ghana, John Kufuor.
Kwame is a graduate of the University of Cambridge and has held various political positions in the country, including the office of the Minister for Defence, as well as the Minister for Interior. He also served as a member of parliament for Manhyia.
4. Nabil Edmond Moukarze – $900 Million
- Age: N/A
- Education: N/A
- Industry: Financial Sector and commodities
Like most other super-rich individuals in Ghana, Nabil Edmond Moukarze does not attract so much attention to himself. He made his fortune from his involvement in different businesses through Finatrade Group. He is the major shareholder of the company which is into things such as branded soft commodities, including rice. It is one of the major food distribution companies in West Africa.
He was born in Lebanon before he migrated to Ghana together with his other family members. The family is now one of the richest in the country. With that said, personal life and other details about the wealthy businessman have not been revealed.
5. John Mahama – $900 Million
- Age: 65 years old
- Education: Institute of Social Sciences and University of Ghana
- Industry: Agriculture
Former President of Ghana John Mahama is the sixth richest man in Ghana with a net worth of $900 million. Although for most people, his name mostly gets mentioned in relation to politics, the former president has also been involved in businesses and agriculture.
He is not so known in the business community as he is popular in the political scene, having held various positions in the past, including as a member of the parliament, the Vice President of Ghana, before reaching the number one position as the president of the country.
6. Michael Ibrahim Mahama – $860 Million
- Age: 52 years old
- Education: College of North West London
- Industry: Engineering and Agriculture
Coming next after the former president is his own brother, Ibrahim Mahama who is better known as a businessman. Birthed into a political family as the son of the former minister of Ghana, Emmanuel Adama Mahama, Ibrahim got his education from the College of North London.
Rather than follow in the footsteps of his father and brother, Ibrahim chose to instead, start his own business after he returned to Ghana from London by founding Engineers & Planners in 1997. Today, the company has more than three thousand employees on its payroll. He has many other investments, including Asutsuare Poultry Farms and Dzata Cement company, both of which have combined to put him among the richest men in the country.
He is speculated to have many luxurious items, including a private jet which is named after his company.
7. Mohammed Ahmed Odaymat – $850 Million
- Age: 77 years old
- Education: NA
- Industry: Automobile and others
Odaymat is another Ghanaian of Lebanese descent who is one of the richest individuals in the country. He made his fortune through the years through his many investments like others on the list. One of the popular businesses owned by Mohammed is BBC Industrial Company. It produces the Leyland and Leylac brand of paint products.
A self-made millionaire, Mohammed Ahmed Odaymat first started out as a worker with Toyota. It was from here that he rose to buy his company in 1978. Before then, BBC Industrial was owned by another Ghanaian Lebanese, Boutros BouChedid and he continues to expand the company.
For someone who seems to look set to one day become the richest man in Ghana, Mohammed founded Rana Motors and Metal Works Engineering first as a structural engineering workshop and Tyre outlet before expanding it to include other things. It became the authorized distributor of KIA MOTORS in the country while also getting the rights for Suzuki motorcycles, Ashok Leyland commercial vehicles, as well as Swaraj Mazda commercial vehicles and tractors. He is also into the mining business.
8. Kwabena Duffuor – $680 Million
- Age: N/A
- Education: University of Ghana and Syracuse University
- Industry: Banking and Real Estate
Kwabena Duffuor is one of Ghana’s finest technocrats. He is the former finance minister of the country, as well as a one-time Central Bank Governor who was praised as one of the best at the time anywhere in the world by the IMF.
He is also a businessman who made his fortune mostly from the financial sector and then the real estate. He founded a lot of things, including Kumawuman Rural Bank Ltd and also uniBank which was later taken over by the Bank of Ghana. He is also the founder of HODA Holdings which has contributed so much to his net worth.
HODA Holdings is a business entity that has fifteen (15) business enterprises in insurance, banking, real estate, farming, and media conglomerate under its belt.
9. Joseph Siaw Agyepong – $600 million
To all Ghanaians both home and abroad, this is a WIN for mother Ghana.#AshantiWasteRecycling pic.twitter.com/yws5ytN6tI
— Dr. Joseph Siaw Agyepong (@jsagyepong) September 29, 2020
- Age: 52 years old
- Education: NA
- Industry: Waste Management
A serial entrepreneur, Joseph Siaw Agyepong has been able to build an empire that has come to make him one of the biggest pockets of the West African country. He has a conglomerate of more than 60 companies to his name, operating in different sectors of the economy. His company Jospong Group of Companies is into everything from printing and publishing to building and construction, as well as manufacturing, ports services, logistics, hospitality, and multimedia.
One of his biggest accomplishments is how he has been able to revolutionize waste management in the country within a very short time. He did this through the introduction of Zoomlion Ghana Limited which is now able to treat both liquid and solid waste in the country and beyond.
A man who is in a class of his own, he has been recognized with many awards and is on the Africa Advisory Board of the Center for African Studies of Harvard University.
10. Ramchand Udharam Mohinani – $580 Million
- Age: N/A
- Education: N/A
- Industry: Diverse investments
Mohinani is a self-made millionaire who, like many others on the list, has kept a better part of his private life hidden. He made his fortune from the many different businesses he has been involved in. Nonetheless, his name is mostly mentioned in relation to Mohinani Group which is the parent to many of his businesses, including Poly Products Ghana Limited. He is also behind Poly Sacks (Ghana) Limited, Poly Tank (Ghana) Limited, and Poly Kraft (Ghana).
Other big investments he has are his companies, Somotex, Somovision, and Uniwell which are into the distribution of electronic items as well as tyres. He distributes electronics such as Panasonic, LG, and Philips electronics among many others.
Ramchand Udharam Mohinani’s investments, through the Mohinani Group which he chairs also include the South West Estates & Tourism Limited and Somoco Ghana Limited. While the former is into the development of properties, the latter has since 2013, partnered with Bajaj Auto Limited to launch their boxer motorbikes to the country. With a workforce of more than three thousand under him, the Ghanaian millionaire has investments in other parts of the world, including London, Dubai, Kenya, India, and Hong Kong.
11. Kwabena Adjare Danquah – $500 Million
- Age: N/A
- Education: N/A
- Industry: Engineering
Kwabena Adjare Danquah’s path to wealth was a simple and straightforward one. He realized the need for better roofing materials in Ghana and decided to found a company known as Metalex in 1984. The idea behind the company was to produce competitively priced high-quality roofing materials.
A man who described himself as a simple fellow, Kwabena became a manufacturer of all types of roofing materials, including aluminum, clay, and plastic. Although he is a self-made millionaire, he started out by joining the retailing business of his father after high school before he acquired a loan of $5,000 from his father, with which he started his business of selling steel filing cabinets and then later, he entered the roofing business.
Metalex has now grown into a company that supplies roofing materials to a number of other African countries, including Togo and Nigeria. More so, the company has a facility in Liberia. He also has various properties valued at hundreds of millions of dollars in South Africa as he spends his time between the two countries. His real estate venture which is designed for both commercial and private purposes is known as All Danquah Business CC and his other investments include FM station (Obuoba 97.1) which is owned by his company, the Obuoba Group.
12. Ghassan Yared – $480 Million
- Age: N/A
- Education: N/A
- Industry: Real estate, distribution, and others
Ghassan Yared rose from a very modest background into registering his name as one of the richest individuals in Ghana. He is mostly known as the founder of Forewin which is a distribution & marketing company founded in 1993. The outfit has many companies affiliated with it, including the online shopping platform Zoobashop, the Real Estate development Mabani Holdings, and a Heavy Machinery Dealership company known as HMD Africa.
Although a greater part of his wealth was acquired from the aforementioned investments, he has also made fortune in the transport sector where he has over 400 mobile vehicles. Yared has put in more than $150 million in his estate business.
Unsurprisingly, his name has found its way among the richest men in Ghana but he is also not from the West African country, even though it was there that he made a better chunk of his fortune. Ghassan Antoine Yared is originally from Peru.
13. Serge Bakalian – $460 Million
- Age: NA
- Education: NA
- Industry: Flour milling
Serge is a Ghanaian of Armenian descent who came close to becoming the richest man in Ghana thanks to a massive fortune that he inherited from his father, Vasken Bakalian, the first to start the family’s flour mill business. It is from this that he has a net worth that is estimated at over $460 million.
The flour industry, Takoradi Flour Mill has a capacity of producing 1,000 metric tonnes per day, which is a huge jump from the 200 metric tonnes capacity per day that it used to produce with 60 people as its employees. The company had experienced some challenges in the past, but it has since bounced back. In 2019, Bakalian reportedly told workers at the plant to go home without any explanation as a result of what was perceived to be the hostility of some workers towards the management.
14. Nana Akufo Addo – $350 Million
- Age: 1694 years old
- Education: University of Ghana
- Industry: Various business investments
If you have ever had a reason to doubt the financial prowess of Ghana’s president, it is time to have a rethink. Nana is a rich man who has a spot among the big pockets of the country. The son of a former president, this Ghanaian president has held various political offices in the country before he became the president. However, his fortune is not just from his involvement in politics.
He is a very successful lawyer who recorded great earnings from his career therein and he has also been involved in different companies which have all also given his fortune a boost. As the president of Ghana, he earns GHC348,000 per annum.
15. Kofi Amoah – $350 Million
- Age: 41 years old
- Education: University of Ghana
- Industry: Oil and Gas
Amonah made his fortune of more than $250 million from the same thing that many others on the list have made their fortune; through various businesses. He has also worked both in Ghana and other parts of the world, including the United States where he worked at Northrop, Electronic Fata System (EDS).
Businesswise, he has founded many things, including Citizen Kofi Entertainment Center and J.S. Investment Inc which is based in the United States, Los Angeles to be precise. A better part of his fortune came from his work in the Oil and Gas sector.
16. Kwesi Nduom – $300 Million
- Age: 70 years old
- Education: University of Wisconsin-Milwaukee
- Industry: Real estate, IT, Media, etc.
Paa Kwesi Nduom is a politician, businessman, and a former Progressive People’s Party’s presidential aspirant. He made his fortune from the many businesses he has formed under his company, Groupe Nduom which he is the chairman of. Businesses affiliated with the company cut through many sectors such as hospitality, real estate, IT, media and entertainment, as well as banking and finance.
After he graduated from the university, Paa Kwesi took on different jobs before he later decided to start his own company which has now grown to have more than 3,500 people directly under his employment. Before then, he worked with Deloitte & Touche which later afforded him the chance to travel and work in the United States where he was transferred to. By 1986, he became a partner in the company and with that, he was one of the only five blacks to attain such a height in a company that had more than 1000 partners. He became the chairman Board of Directors of Deloitte & Touche Africa Region in 2000 and soon established a base in different parts of the continent, including Nigeria, Liberia, Cote d’Ivoire, and Ghana.
17. Haruna Iddrisu – $300 Million
- Age: 53 years old
- Education: University of Ghana
- Industry: Business and politics
Haruna Iddrisu may be among the youngest on the list, but that does not stop him from emerging as one of the biggest names in business in Ghana. He is a politician and a lawyer which also contributed to his amazing fortune of more than $300 million.
He has held various political positions in the country, including as a member of the parliament and was a minister under the governments of John Mahama and Mills. Although he is better known as a politician, he also has investments in many sectors, including real estate and construction. One of the most interesting things about him is that he has not kept the details of his business a secret from followers.
18. Tsatsu Tsikata – $245 Million
- Age: 73 years old
- Education: University of Ghana, Oxford University
- Industry: Petroleum
Tsatsu Tsikata has been a trailblazer almost all his life. He was only 18 when he graduated with an LL.B First Class degree from the University of Ghana, Legon. He repeated the feat when the university offered him a post-graduate scholarship to study civil law at Oxford University.
He worked as an academician and then as a barrister, but it was his career in the petroleum sector that made him rich. He was Chief Executive of the Ghana National Petroleum Corporation (GNPC) from 1988 to 2000. As a barrister, he has served as counsel to some big names, including Kofi Awoonor and President Jerry Rawlings.
19. Yaw Osafo Maafo – $220 Million
- Age: 82 years old
- Education: Kwame Nkrumah University of Science and Technology (KNUST)
- Industry: Banking and Finance
Yaw Osafo Maafo has acquired a net worth of $220 million which he built from his prowess in the banking sector. Although he trained as an engineer, his greatest impact was felt in the financial sector of the country, having served as the Finance Minister from 2001 to 2005, during which he turned around the fortunes of some banks.
The politician is the pioneer deputy chairman of the Ghana Stock Exchange and also a consultant for United Nations Development Programme (UNDP), the African Development Bank, and World Bank. He is also a board member of some big companies, including Merchant Bank Ghana Limited, Nestle Ghana Limited, and National Trust Holding Company. All these have given his net worth a huge boost.
20. Kwesi Botchway – $200 Million
- Age: 79 years old
- Education: University of Ghana, Yale University
- Industry: Banking and finance
Botchway has more things in common with Yaw Osafo Maafo than just appearing on the list of the richest men in Ghana or even having a similar net worth. He has a strong understanding of the world of finances that when Jerry Rawlings took over power, he brought him in as finance minister in 1982 to help restore the crumbling economy of the country.
He is also an academician who teaches in a number of universities, including the University of Zambia and the University of Dar es Salaam (Tanzania). He chairs one of IMF’s Groups and was also an advisor to the World Bank, UNDP, and European Centre for Development Policy Management (ECDPM). All these assignments have left his net worth in a better shape.
Quick Rundown of Richest Man in Ghana List
- Ernesto Tarricone – $1.3 Billion
- Sir Sam Jonah – $1.2 Billion
- Kwame Addo Kufuor – $1.2 Billion
- Nabil Edmond Moukarze – $900 Million
- John Mahama – $900 Million
- Michael Ibrahim Mahama – $860 Million
- Mohammed Ahmed Odaymat – $850 Million
- Kwabena Duffuor – $680 Million
- Joseph Siaw Agyepong – $600 million
- Ramchand Udharam Mohinani – $580 Million
- Kwabena Adjare Danquah – $500 Million
- Ghassan Yared – $480 Million
- Serge Bakalian – $460 Million
- Nana Akufo Addo – $350 Million
- Kofi Amoah – $350 Million
- Kwesi Nduom – $301 Million
- Haruna Iddrisu – $300 Million
- Tsatsu Tsikata- Net Worth- $245 Million
- Yaw Osafo Maafo- $220 Million
- Kwesi Botchway- $200 Million
Others Who Are Recognized Among The Richest In Ghana
Apart from the foregoing, there are many others who have also recorded impressive net worth that give them a deserving place among the richest people in the country. Apart from individuals, there are also wealthy families and their fortune is impressive to earn them a place among those worthy of note.
Charles Ampofo – $1.46 Billion
- Age: 64 years old
- Education: Abuakwa State College
- Industry: Oil and Gas, Construction
Charles Ampofo held the spot of the richest man in Ghana for quite a while, thanks to his fascinating net worth. He came about his fortune through his investment in oil and gas, as well as other ventures he has in the construction sector.
Born in Juaso in the Asante Akyem District of Ghana, Ampofo was a self-made billionaire, but somehow, he found his name missing from the list of the richest men in Africa on the Forbes list. The reason behind this has been said to be the fact that his largest business is situated in the United Arab Emirates rather than in Ghana.
The billionaire was the chairman and Chief Executive Officer of Kampac Group, which has its headquarters in Dubai, the United Arab Emirates (UAE) until his demise towards the end of 2020. He was also a member of the Fortune Forum Group, as well as the founder of the Financial Services and Funds Transfer company known as Universal Transfer Service.
Patricia Poku-Diaby – $720 Million
- Age: NA
- Education: NA
- Industry: Agriculture (Cocoa)
Patricia Poku-Diaby stands as the richest woman in Ghana with a net worth of more than $720 million. She made her fortune from the cocoa business. Before then, she got involved in her family’s trading and transportation business.
Poku-Diaby soon left her family business to start her company, PLOT Enterprise Group in Ivory Coast, and through it, she got into the processing of cocoa and cotton. She later decided to start another branch in Ghana with a capacity of producing 32,000 metric tons each day.
She also has a presence in Dubai where she is registered as Plot Commodities with the Dubai Metal and Commodities Centre.
Dr Alhaji Adamu Iddrisu – $550 Million
- Age: 87 years old
- Education: NA
- Industry: Transport and Banking
Dr Alhaji Adamu Iddrisu was another big name in Ghana who maintained the simplicity attributed to many rich men in the country. Although he died in 2016, his name is still among the richest people in the country because all his businesses are still generating revenue to date.
Until his death, he had a net worth that was estimated at an incredible $550 million. He was another self-made millionaire whose fortune was built through the transport business, as well as other investments spread to different sectors, including banking and finance.
His path to wealth was first paved in the 1950s when he got a contract with GNTC to supply timber. He continued to pursue and get more contracts before going into the transport business. He founded the A. A. Iddrisu Transport in 1996 and it later became Global Haulage Ltd. By 2014, he had 388 trucks under his company. He would go on to set up The Royal Bank (TRB) which had his children as the major shareholders.
Theresa Oppong-Beeko – $420 Million
- Age: NA
- Education: University of Ghana
- Industry: Real estate
Yet another woman on the list, Theresa Oppong-Beeko is a real estate baroness whose net worth is estimated to be in the tune of more than $420 million. She also made a significant part of her fortune from her company which is known as Manet Group of companies. It has a number of subsidiary groups under it.
With properties in some of the choicest locations in Ghana, her company also owns some tourist spots, including the Beach Paradise (a three-star hotel resort). A graduate of Bachelor of Arts degree in Political Science and Sociology from the University of Ghana, she started on her path to becoming wealthy since she left the university. At the time, she went into fishing business which failed, leaving the 25-year old with a $2.5 million debt.
Undeterred, she went back to school to prepare herself better and in 1990, she graduated with a Master’s degree in Business Administration. It was after this that she started her line of business that did not only succeed but turned her into one of the richest women in the country.
Kate Quartey-Papafio – $250 Million
- Age: NA
- Education: NA
- Industry: Engineering
Kate Quartey-Papafio is the third woman who finds a spot among the richest people in Ghana with a net worth that is estimated at over a quarter-million dollars. She came about her fortune from many businesses, the chief of which is her company, Reroy Cables Limited. The company has been into the manufacturing of cables for both telecom and electricity. More so, it is the leading company in the sector.
The company has been in operation since 1992 and has many employees on its payroll. As of 2016, her company had the capacity of producing more than 12,000 metric tons of aluminum, as well as 4,000 tons of copper. In addition to that, the company also had more than 250 employees.
The Hitti Family – $550 Million
It was in 1973 that Robert Hitti started Greenplastica Limited. The company began with a small depot and less than 70 employees. Soon, it continued to grow, and the name of the company was changed to Qualiplast. In the early years of operation, the company bragged of a turnover of between US$200,000 and US$300,000.
The family is also behind the HITTI Group of companies which has 9 affiliate companies to it, including QUALIPLAST LIMITED which is into the production of Household Plastic Products, as well as ASHFOAM LIMITED, PRO’MOUSSE, and PRO’MOUSSE which are into the manufacturing of Foam products in Niger and Benin respectively. There are other subsidiary companies that fall under the group of companies.
Milad Millet & Family – $650 Million
This Ghanaian family of Lebanese descent has made a fortune that is now estimated at $620 million from the textile business. It was Milad that first started the business after moving to Ghana. He decided to start a company for the production of towels in 1958; Millet Textile Corporation Limited. The company which later changed its name to Spintex Limited became one of the biggest textile manufacturers in the country and across the continent.
The Awuah-Darko Family – $650 Million
In 1969, Nana Awuah-Darko Ampem first began the Marine and General Insurance Brokers and then in 1975, he launched Vanguard Assurance. This became what introduced him to the financial sector and most especially, the insurance line. Following his death, his fortune went down to his family members. Today, the family is one of the richest in Ghana with a net worth of more than $650 million.
Kalmoni Family – $700 Million
This family’s wealth is from diverse sources and the inheritance they landed after the death of the family’s patriarch who came from Henan. The grandfather of the current MD of the company was the one who founded it before he passed it on to others.
The family’s net worth is estimated at a massive $700 million which they made from various business involvements, including an automobile distribution company.
The Irani Family – $800 Million
The family’s rise is very significant as it started after two brothers, Anthony Irani and Edmund Irani immigrated to Ghana where they started their company, Irani Brothers & Others Limited in 1967. The company was into the production of wheat flour.
The family’s net worth has been reported to be in the tune of $800 million. The brothers made a better chunk of their net worth from their flour mill venture, as well as from the inheritance they got from their father.