Kwame Despite, Cheddar, Ibrahim Mahama And 8 Ghanaian Multi-Millionaires And How They Made Their Wealth
- Osei Kwame Despite, Cheddar and other Ghanaian businesspeople amassed significant wealth for themselves by profiting from the nation's political stability and peace
- These millionaires are successful in various fields including media, finance, real estate, oil and gas and manufacturing
- 10 millionaires from Ghana are featured on YEN.com.gh, each of whom has earned their wealth in a different sector of the economy
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Ghanaian business owners enjoy political stability, peace, and a diversified economy with plenty of room for investors.
Some have made a name for themselves through lucrative endeavours that have significantly increased their societal wealth. These millionaires are reaping enormous profits in various sectors including media, banking, real estate, oil and gas, manufacturing and many more.
YEN.com.gh has compiled 10 Ghanaians known to be millionaires whose fortunes come from their ability to explore different sectors of the economy.
Source: Instagram
1. Dr Osei-Kwame Despite
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Dr Osei Kwame is a well-known media mogul and the founder of the Despite Group of Companies, a trading firm with operations in the media and food industries. The Despite Media Group is one of Ghana's largest media conglomerates, owning several media outlets including peacefmonline.com, Peace FM, Neat FM, Hello FM and Okay FM.
The entrepreneur is also the co-founder of United Television (UTV) and vice-chairman of Best Point Savings and Loans LTD., a Ghanaian-owned financial institution. Dr Osei Kwame Despite has credited God for his achievements in the business world.
"God has made everything possible. Though I had dreams, I never dreamt that I would reach this far," he reportedly said.
2. Dr Kwaku Oteng
The businessman is the founder and chairman of the Angel Group of Companies, which includes Angel FM, Angel TV, Angel Gold Mining, Angel Educational Complex and Adonko Bitters.
He also owns several other businesses in Ghana. He made his fortune through entrepreneurship and investing in various industries.
Dr Oteng also attributes his wealth to God. He claimed that paying his tithe has helped him become wealthy.
''I recall that up until roughly 20 years ago, I had never earned more than a million cedis. I would get sick whenever my income was between GHc80 and GHc100, and I would spend the money on seeking medical care till I got well.
He had stated on Angel FM, a radio station he controls that,
"By the time I got well, the money would have finished and I'd get back to work.''
''I told my pastor about my problem and he advised me to pay my tithe properly since, if I did, I could earn up to $3 million in six months,'' he said, per B&FT.
According to Dr Oteng, he obeyed his pastor's words and before long, he made huge sums of money.
3. Kofi Amoa-Abban
The founder and CEO of the West African oil and gas services company Rig World Group, which has numerous companies including Rigworld Training, Steadfast Rigworld, Rigworld Solutions, Kora Energy and Score Rigworld, is from Ghana.
Dr Amoa-Abban, a well-known businessman and philanthropist, was honoured by FORBES for his professionalism and persistence in achieving tangible success in the oil and gas industry.
4. Ibrahim Mahama
Ibrahim Mahama founded the Engineers and Planners Company, which offers mining and building services. He also has investments in other African nations and owns several enterprises in Ghana.
The Chief Executive Officer (CEO) became wealthy by starting his own business and investing in numerous sectors of the economy. Ibrahim said he is currently making more money under the Akufo-Addo-led government than during his brother's presidency, John Mahama.
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According to Pulse Ghana, Ibrahim Mahama said in the past that,
"I became successful much more in Kufuor’s [a former president of Ghana between 2001 and 2008] time because I had nobody hanging around my neck; I rather regret when my brother became vice-president".
5. Joseph Siaw Agyepong
The successful businessman has built Ghana's largest and most diversified holding company, Jospong Group. With 60 subsidiaries and interests in around 14 different economic areas, including banking, ICT, waste management, automobiles and many more, Jospong is a global company in many African and Asian nations.
''If you invited someone to enter the waste management area in 2006, they would have refused because they believed it to be a nasty and low-grade job. I therefore considered introducing a respectable method of accomplishing that.
''I first visited China and saw people riding tricycles and purchased one in a container, took it back to Ghana and invited everyone to try it. I subsequently established an assembling business in Ghana and began assembling tricycles myself. I started with tricycles because I needed more people to help collect rubbish and if we relied on a truck and it broke down, we would be in big problems,'' he told Forbes Africa.
6. Patricia Poku-Diaby
Patricia Poku-Diaby, the founder and CEO of Plot Enterprise Ghana Limited, an indigenous cocoa processing business in Ghana that produces raw cocoa butter, natural and alkalised cocoa liquor and other goods linked to cocoa, is reportedly the wealthiest woman in Ghana.
According to Pulse Ghana, she has a net worth of $ 720 million. Poku-Diaby worked in her family's business (trade and transportation) before establishing the Plot Enterprise Group in Ivory Coast, which served as a forerunner to the Ghanaian firm.
Plot Commodities (registered with the Dubai Metal and Commodities Centre in Dubai), Plot Enterprise in Ivory Coast and Plot Enterprise Ghana represent the group's market presence in Asia and West Africa.
"Talent is cheaper than table salt. What separates the talented individual from the successful one is a lot of hard work. The best revenge is massive success."
7. Togbe Afede XIV
As a well-known investment banker and private equity investor, Togbe Afede XIV has over 30 years of experience. Togbe Afede received the Ghana's Greatest Entrepreneur of All Time Award in 2021.
In 1994, he launched the SAS Group of Companies, a prominent integrated financial services firm. In Ghana, he is the President of the Asogli Traditional Area and the Agbogbomefia of the Asogli State.
The established traditional leader owns a network of businesses in the energy, airline and financial services sectors. He was honoured for his significant contribution to Ghana's economic environment over the past 20 years as a wealth and job creator.
8. Dr Papa Kwesi Nduom
Joseph Hubster Yorke Junior, popularly known as Dr Papa Kwesi Nduom, formed over 65 organisations, including the collapsed GN Bank, by 2022.
He established Groupe Nduom, a commercial conglomerate that runs banking, pension, insurance, hospitality, media and real estate businesses in Ghana, Liberia, Togo and the US.
Growing up in a small fishing community, Nduom struggled to obtain an education. He earned a doctorate in Service Delivery Systems from the University of Wisconsin-Madison.
9. Nana Kwame Bediako
Nana Kwame Bediako, also known as Freedom Jacob Ceasar, is an industrialist, businessman, philanthropist and real estate tycoon. He founded the Kwarleyz Group with five subsidiaries interested in real estate, luxury services and hospitality: Wonda World Estate, Petronia City Development, New Africa Construction, Belfast City and Property Management Services and New Africa Foundation.
In an interview on Joy FM, the business mogul said he made money by selling scraps, steel and telecommunication materials.
''By age 21, I had made a million pounds, selling scraps, steel and telecommunications material while in school at Waltham Forest College,'' he's quoted to have said.
10. Kwabena Duffour
The businessman and CEO owns HODA Group, a hospitality, insurance and financial services company. Duffour became wealthy by starting his own business and investing in different industries. He is a member of the boards of several other companies.
The former finance minister said he acquired his millionaire status by importing calcium carbide from Germany, which helped him to establish Star Assurance Company.
''I imported calcium carbide and got people to sell them for me. So, between 1980 and 1984, I had a lot of money while lecturing at the university and working at the bank,'' he said, according to Adomonline.com.
Osei Kwame Despite, Kennedy Agyapong and 3 other Ghanaian businessmen who moved from poverty to millionaires
In a similar story, YEN.com.gh reported that some Ghanaian businesspeople were born into families without wealth but have taken advantage of the nation's stable environment to start and grow their brands.
Names like Dr Osei Kwame Despite, Dr Papa Kwesi Nduom, Dr Ernest Ofori Sarpong, Kennedy Agyapong and Dr Kwaku Oteng are known to have had modest beginnings.
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Source: YEN.com.gh
