Ghanaian businessman and serial investor Daniel Ofori has experienced a considerable drop in his net worth yet again due to a decline in the market value of his stake in Societe Generale Ghana, an Accra-based bank, just months after losing over $11 million.
According to the data, Ofori’s stake in Societe Generale Ghana has decreased by over $1.5 million since the start of the year 2023.
Societe Generale Ghana, the fourth-largest bank in Ghana, operates as a subsidiary of the renowned French multinational investment bank, Societe Generale, which is headquartered in Paris. With a network of approximately 45 branches spread across Ghana, the bank is one of 17 subsidiaries of its parent company in Africa.
Performance of SG on Ghana Stock Exchange
As of the time of this report, the bank’s shares are traded at GH¢0.90 ($0.071), leading to a market capitalization of GH¢638 million ($50.4 million) for the Accra-based financial services provider.
Societe Generale began the year with a share price of GHS1.00 but has since lost 10% off that price valuation, ranking it 33rd on the GSE in terms of year-to-date performance.
Societe Generale Ghana is the seventh most traded stock on the Ghana Stock Exchange over the past three months (Nov 25, 2022 – Feb 28, 2023). SOGEGH has traded a total volume of 541,197 shares valued at GHS 540,774 over the period, with an average of 8,590 traded shares per session. A volume high of 332,388 was achieved on December 23, 2022 for the same period.
Ofori, a renowned Ghanaian businessman and the wealthiest investor on the Ghana Stock Exchange, holds a significant ownership stake of 6.8 percent in Societe Generale Ghana, or 48,241,241 shares, thereby making him the largest individual shareholder in the bank.
Data compiled revealed that the market value of his stake in the bank has decreased from GH₵48.24 million ($4.94 million) on January 1, 2023 to GH¢43.41 million ($3.43 million) at present.
The decline is mainly attributed to the depreciation of the Ghanaian cedi and the fall in the bank’s share price. Despite the drop in his wealth by $1.5 million, Ofori still retains his position as the richest investor on the Ghana Stock Exchange.
This is due to his well-diversified investment portfolio, which comprises holdings in various companies, including GCB Bank, Fan Milk Plc, CAL Bank, and Societe Generale Ghana.
Last year, it can be recalled that Mr Daniel Ofori, saw the market value of his stake in GCB Bank fall by more than $11 million since the start of 2022.
Data showed that the market value of his stake dropped by GH¢25.6 million at the beginning of 2022, resulting in a total value loss of $11.2 million after adjusting for depreciation of the Ghanaian cedi against the U.S. dollar.
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