What is Kwame Despite's net worth? Is he the richest man in Ghana?

Like all other societies, the gap between the rich and the poor continues to rise steadily in Ghana. Kwame Despite is among the few Ghanaians who belong at the top of the pyramid, while a majority of the population languishes in poverty. However, you can’t blame Kwame for being rich because it is a result of his hard work. His entrepreneurial acumen has enabled him to nurture several businesses successfully, which is why Despite’s net worth is a hot topic in Ghana.

The “American dream” is an expression often used to illustrate that anything is possible in the U.S. because of limitless opportunities. While it is true that you can’t compare Ghana to the U.S., this African country is also worth mentioning in terms of people realizing their dreams. This has opened doors for the likes of Kwame Despite to build their empires.

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Profile summary

What is Kwame Despite’s net worth?

Is Kwame the richest man in Ghana? He is one of the wealthiest people. He was born as Osei-Kwame to a low-income family but has climbed the business ladder through hard work and determination. Currently, he is the owner of the Despite Group of Companies, through which he has earned a staggering net worth of $800 million. So, how did he make this wealth?

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Career beginnings

Kwame used to be a small trader in Ghana. He used to sell music cassettes, padlocks, feeding bottles, and other merchandise at Dunkwa-Offinso. However, the business wasn’t lucrative in the village; hence, he planned to look for greener pastures outside the country. His destination was Lagos, Nigeria, where he had gone with his friends.

Career setback

Despite experienced a setback in 1983 when Nigeria evacuated millions of Ghanaians. Ghanaians were ordered to leave Nigeria following the political tension the country was facing at the time. He returned home only with a chain-saw machine and a trident cassette player.

Working with what he had, Kwame launched a timber contracting business aided by his chain-saw machine. Unfortunately, as the business was picking off, it came tumbling down when a falling tree crushed the chain-saw machine.

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From timber to radio owner

Kwame was now left with a trident cassette player, and he turned to it to earn a living. He started selling cassettes but realized he wouldn’t go far with just one business. Thus, he decided to diversify his investments by targeting other opportunities in the music industry.

He founded the now famous Peace FM in 1999 at Mile 7 Junction. The radio used to broadcast in the Akan language, thus attracting thousands of listeners who were seeking local content. Most of the other radio stations were broadcasting in English.

Breakthrough

As Peace FM continued to thrive, Kwame set up other radio stations, Hello FM in Kumasi and Okay FM in Accra. He also launched the peacefmonline.com platform to reach a wider audience. Today, his companies belong to the Despite Group of Companies umbrella. The companies include:

• U2 Company Limited
• Peace FM
• Okay FM
• Hello FM
• Neat FM
• Best Point Savings and Loans (Finance)
• Despite Stores
• Neat Foods Company Limited
• Farming and Building Construction businesses
• Atona Foods LTD
• United Television Company Limited

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Endorsements

Kwame has earned recognition for his contribution to entrepreneurship in Ghana. He was awarded an honorary degree by the British Canterbury University for his outstanding business exploits and successes. He was also crowned honorary man of the moment in Ghana, West Africa.

In 2018, Kwame emerged as the Social Entrepreneur Award of the Year winner during the annual Ghana Business Awards. In addition, his company, Despite Media Group, has also been awarded a Media Group of the Year. Some of the awards his companies have won include:

• TV Local Series of the Year – Boys Abre (UTV)
• TV Entertainment Program of the Year – Mcbrown’s Kitchen (UTV)
• TV Male Entertainment Show Host of the Year – Abeiku Santana (UTV)
• TV Program of the Year – Adekye Nsroma (UTV)
• TV Station of the Year – UTV

Properties

Osei-Kwame may be soft-spoken, but he is not afraid to splash his money, as was witnessed when he gifted two mansions to his sisters. He has many properties, including houses and cars. He is known for many luxury houses and mansions in Ghana. In 2019, he unveiled a multi-million dollar mansion in Accra.

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The car collection of the businessman is as impressive as anyone can imagine. He owns a Brabus car which he recently acquired. Brabus produces cars like Mercedes-Benz, Smart, and Maybach. Some of the cars he owns include:

• Lykan Hypersport
• Rolls Royce Sweptail
• Lamborghini Veneno Roadster
• Bugatti Chiron
• Bugatti La Voiture Noire

FAQs

1. Between Kennedy Agyapong and Kwame Despite, who is the richest? Kwame Despite is richer, with a net worth of $800 million, while that of Kennedy Agyapong is $150 million.
2. Is Despite the richest man in Ghana? No, the richest person in Ghana is Ernesto Taricone, with a net worth of $1.3 billion, while that of Despite is $800 million.
3. How did Despite become rich? He started by selling music cassettes before opening Peace FM radio station in 1999, paving way for his media empire to grow.
4. How many wives does Kwame Despite have? Despite being a polygamous man with two wives and nine children.
5. How many companies does Kwame Despite have? He is the CEO of several companies, which include U2 Company Limited, Peace FM, Okay FM, and Hello FM, among others.
6. How old is Kwame Despite? The Ghanaian Tycoon Kwame Despite was born on 2 February 1962 and is 60 years old as of 2022.
7. Why did Kwame Despite flee Nigeria? Kwame Despite and millions of other Ghanaians were forced to flee Nigeria in 1983 due to the political tension the country was experiencing.

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Some of the wealthiest people in Ghana used to be politicians. In those days, people would become rich by working with the government. Despite’s net worth is evidence that Ghanaians have opportunities to be rich through entrepreneurship and innovation.

Yen.com.gh recently published an article about Salma Mumin's bio. Salma Mumin is a Ghanaian actress, producer, social media influencer and entrepreneur. She has featured in films such as The Storm, Love in the Bahamas and Terminus.

Her full name is Abdul Mumin Umu Salma Tando. The media personality is hardworking since she has tried several businesses, such as a production company, and owns her clothing line. Find out more about her life by reading this article.

Source: YEN.com.gh