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Daniel Ofori, a Ghanaian businessman who ranks as the richest investor on the Ghana Stock Exchange, has seen the market value of his stake in GCB Bank slump by more than $1.6 million since the start of the year, due to a combination of factors, including a devaluation of the Ghanaian cedis and the decline in the group’s share price.
According to data tracked by Billionaires.Africa, the market value of his stake has dropped by GH₵8.7 million since the beginning of 2023, resulting in a total value loss of $1.6 million after adjusting for the recent depreciation of the Ghanaian cedi against the U.S. dollar.
GCB Bank, which ranks as the ninth most valuable company on the Ghana Stock Exchange, is one of Ghana’s largest banks in terms of total operating assets and industry deposits. It accounts for more than 11 percent of banking industry deposits.
Ofori, a leading businessman and serial investor, owns 7.49 percent of GCB Bank, making him the banking group’s third-largest shareholder after the Social Security and National Insurance Trust and the Ghanaian government.
Since the start of the year, GCB Bank on the Ghana Stock Exchange has slumped by 20.66 percent, declining from GHC3.94 ($0.345) on Jan. 1 to GHC3.50 ($0.307) at the time of writing, thus leading to losses amounting to millions of dollars for its shareholders, including the affluent Ofori.
As a result of the combined impact of a double-digit percent slump in the group’s share price and the impact of currency devaluation, the market value of the stake held by Ofori has slumped by GHC8.7 million ($1.6 million) since the start of the year, falling from GHC78.2 million ($7.67 million) on Jan. 1 to GHC69.47 million ($6.08 million) at the time of writing.
Despite the recent decline in the market value of his stake, Ofori remains the richest investor on the Ghana Stock Exchange and also maintains his rank as one of Ghana’s most affluent businessmen, as he stands as a resolute force in the country, even amid share price declines and currency devaluation.
