- Despite the economic challenges in Ghana, four local companies have been listed among the fastest-growing in Africa
- The ranking by FT and Statista listed Benso Oil Palm Plantation, IT Consortium, Land tours Ghana, and Zen Petroleum
- The ranking gives an idea about the corporate landscape in Africa amid challenges in technology, fintech, and support services
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Four Ghanaian companies have been recorded in the inaugural annual ranking of Africa’s fastest-growing companies compiled by Financial Times (FT).
The ranking by the New York-based leading global business publication provides a snapshot of the corporate landscape in a continent where technology, fintech, and support-service businesses have had to adapt to a radically altered environment.
In the ranking cited by YEN.com.gh, IT Consortium Ltd, a local fintech company was ranked in 17th position with an ‘absolute growth rate of 271.4% and a ‘compound growth rate’ of 54.9%. In 2020, the company made a total revenue of $4.6 million, according to the report.
- The three other Ghanaian companies cited in the report include:
- ZEN Petroleum Ltd, an Energy company, at ranked at number 29
- Landtours Ghana Ltd, a travel and leisure company, ranked at 46
- Popular food and beverage company, Benso Oil Palm Plantation Ltd, ranked 70th
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Kenyan company, Wasoko (formerly Sokowatch, Inc.) topped the list with 8782.6% absolute growth rate and $27.4 million in revenue in 2020.
The ranking, for Africa’s Fastest Growing Companies 2022, lists 75 companies ordered by the highest compound annual growth (CAGR) in revenues between 2017 and 2020, based on the given criteria.
“The ranking was created through a complex procedure. Although the search was extensive, the list is not exhaustive as some companies did not want to make their figures public or did not participate for other reasons. Statista [a research company that collaborated with FT] identified thousands of companies in Africa as potential candidates for the ranking through research in company databases and other public sources. These companies were invited to participate in the competition by post and email,” FT explained the methodology.
According to FT, the process requires submitted revenue figures to be certified by the chief executive, chief financial officer or an executive committee member of the company.
Criteria for inclusion in the list are based on four factors:
1. Revenue of at least US $100.000 generated in 2017.
2. Revenue of at least US $1.5mn generated in 2020.
3. An independent company (not a subsidiary or branch office of any kind).
4. A company with operational headquarters is located in one of the African countries.
World Bank Approves $200m To Improve Ghana's Digital Infrastructure
In other news, YEN.com.gh reported that the World Bank has approved a grant of $200 million to improve critical digital infrastructure under the Ghana Digital Acceleration Project.
The project's objective is to expand broadband access, enhance the efficiency and experience of selected digital public services, and strengthen the digital innovation ecosystem.
According to a World Bank press statement, the project's success will create better jobs and economic opportunities.
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