Over the years, Ghana has fallen subject to corruption, natural disasters, and mismanagement of funds. The country was on a downward spiral before the World Bank stepped in and awarded it a debt relief under their heavily indebted poor country initiative. Following a change of leadership and loan policies, their economy took a turn for the better, and the list of richest companies in Ghana is now getting longer.
As of 2021, Ghana has the 9th largest economy in Africa and the largest economy in West Africa. Most of its revenue stems from the mining of gold, petroleum, and agriculture. You may also note that the majority of the top richest companies in Ghana trace their wealth from the three aforementioned sources. However, we will only focus on the top ten, featuring both the richest private companies in Ghana as well as the government-owned ones.
List of the richest companies in Ghana
So, which is the richest companies in Ghana? The wealthiest businesses operating in the country include:
1. Scancom (MTN)
With technology increasingly becoming a major part of our lives, Ghana’s early entrepreneurs in telecommunications stay smiling all the way to the bank. Since 2007, Scancom has been one of the biggest telecommunication corporations in South Africa. When the company opened its branches in Ghana, they have continuously realized great profits margins.
Scancom (MTN) offers voice services, mobile data and internet, MTN Mobile Money, and MTN Business Solutions. In 2018 alone, the company was responsible for 7% of Ghana’s GDP, and their ability to adapt to change skyrocketed their gross income exponentially.
2. Total Petroleum Ghana
Total Petroleum Ghana Limited is an international company that saw a market gap in Ghana and decided to seize the opportunity. It found the French company, Mobil Ghana (former leading oil distributor), struggling with operational costs. Before it collapsed, Total bought it and changed its name.
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They now have over 280 service stations with about 20 employees each. Aside from petrol and diesel, they sell car care products, gas cylinders, engine oils, lubricants, transmission oils, and LPG. Up until recently, Total has also tried their hand in offering car servicing. The company contributes greatly to the Ghana economy posting over 400 billion Ghana cedis in 2019 alone. It still continues to rise over the years.
The Ghana Oil company is among the top richest companies in Ghana owned by the state. It governs 51% of its shares while the rest is owned by individuals. This oil marketing company specializes in lubricants, LPG, diesel insecticides, bunker fuel, etc.
In a bid to stay afloat following the many challenges facing the global oil industry, GOIL now supplies aircraft fuel. Their innovative spirit saw them post an 8% increase in sales and $120 million in assets in the year 2019 alone. This makes them one of the richest oil companies in Ghana.
4. Produce Buying limited
Produce Buying Limited holds the record for most improved. It jumped from number 89 in 2008 to number 1 in 2010 on the list of richest companies in Ghana. Since then, it has maintained its position among the top ten following its success in handling and processing of cocoa, shea nuts, coffee, and hospitality industry.
Produce Buying Company is government-owned and started as a subsidiary of the Ghana Cocoa Board. Ghana is the second-largest producer of cocoa in the world and exports to almost all countries. With branches in all the 103 coffee-growing areas in the country, they provide a lot of people with employment hence improving the economy. As of 2019, they posted about $414 million in revenue.
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5. Newmont Golden Ridge
Newmont Golden Ridge is one of the richest mining companies in Ghana. It specializes in the mining of gold, copper, and silver. As per current times, it has one of the biggest gold reserves in the mining industry. This is because it is a major shareholder in ore bodies present in fertile mine jurisdictions. While their net worth remains unknown, they had a net income of $780 million during the start of 2020.
6. Tullow Ghana
Tullow Oil PLC, as the name suggests, was founded in Tullow, Ireland, in 1985 but only opened branches in Ghana in 2007. Though the multinational company has branches in six countries of Africa, its Jubilee Oil field in Ghana brings it the most profits. It produces 30,000 barrels of oil a day hence earning the company a spot in the list of richest companies in Ghana.
Tullow attributes its 74% success rate in drilling to its heavy investment in geographical equipment. During the end of the 2019 financial year, their total revenue of $1682.6 million dollars and a net income of $1694.1 million dollars. Their figures are set to drop in 2020 as the oil and gas industry has not been doing well. Hopefully, they will still retain their top ten positions.
7. Ghana Commercial Bank
With more than 200 branches and 1700 employees, it’s undeniable that Ghana commercial bank is one of the major contenders in the banking sector of Ghana. They have been in existence for about 67 years and have since undergone three name changes; first, they went by Bank of Gold Coast, then changed to Ghana Commercial Bank and finally rebranded to GCB.
Though the bank was initiated to serve Ghanaian traders, its rebranding came with a new business plan as it is now fully commercial. The government controls 21% of the bank's shares while the rest is owned by the public. As of the end of 2019, they posted 340 million GHS in revenue, with about 11 million in assets.
8. Ghana National Petroleum Company
Ghana has its fair share of successful petroleum and natural gas companies. Ghana National Petroleum Company is one of the few that are state-owned. The company has a fixed staff force of about 300 people and another 1000 people from their four subsidiaries.
It was founded back in 1983 to make sure the country benefits the most from its petroleum resources. So far, it has worked pretty well as its 2020 three-month financial analysis revealed a record of $300 million in revenue.
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9. Zoomlion Ghana Limited
Though a waste management company, Zoomlion is by far one of the richest private companies in Ghana. It was founded in the year 2006 by Dr. Joseph Siaw. In the beginning, it had under 100 employees, but the number has since risen to about 3000 core employees and 85000 of managed staff.
Zoomlion specializes in solid and medical waste collection, waste treatment, recycling, public cleaning, and janitorial services. As for the end of 2019, the company recorded a 116 % profit increase of up to $616 million with a total revenue shooting to 6.7 billion. It not only contributes to the country’s GDP but also creates employment.
10. Guinness Ghana Breweries Limited
The love Ghanaians have for alcohol is unexplainable. This has contributed to the success of many brewing companies in the country, with the top one being Guinness Ghana Breweries Limited.
In a bid to keep in tune with the changing trends and avoid business failure, Ghana Breweries and Guinness Ghana formed a merger in 2000 hence the birth of Guinness Ghana breweries limited. As of 2019, the company posted an increased profit in its annual financial report.
Ghana’s economy has recovered remarkably, showing the whole world great potential. This list of some of the richest companies in Ghana can attest to it, following their massive revenues. To those that didn’t make the list, it’s crucial to note that we took into consideration the assets of individual companies, annual financial reports, and the GSE (Ghana stock exchange) figures.
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Source: Yen Ghana