How Ghanaian Businessman Daniel Ofori Gained $1.3 Million in 53 Days

The market value of Ghanaian multimillionaire businessman Daniel Ofori’s holding in Societe Generale Ghana has increased by more than $1.3 million in the last 53 days due to a huge increase in the Accra-based bank’s shares on the Ghana stock exchange.

According to data tracked by HowAfrica, Ofori’s share in Societe Generale Ghana increased in value by GH14.95 million ($1.33 million) in 53 days as investors increased their interest in the Accra-based institution.

The strong profits follow a huge drop in his shareholding in the financial services business of GH19.78 million ($2.41 million) between Jan. 1 and June 28. During this time, the market value of his shares in Societe Generale Ghana declined from GH48.24 million ($4.88 million) at the time of this report to GH28.46 million ($2.47 million).

Societe Generale Ghana, Ghana’s fourth-largest bank, is a subsidiary of the Paris-based French international banking corporation Societe Generale. The bank serves as one of 17 subsidiaries of the Paris-based lender in Africa, with approximately 45 branches in Ghana.

Ofori, the biggest investor on the Ghana Stock Exchange, owns a beneficial 6.8 percent holding in Societe Generale Ghana, which translates to 48,241,241 ordinary shares, making him the bank’s greatest individual shareholder.

Since June 28, Societe Generale Bank shares on the Ghana Stock Exchange have climbed by 52.54 percent, rising from GH0.59 ($0.0524) to GH0.90 ($0.0800), resulting in millions of dollars in gains for its owners, including Daniel Ofori.

The market value of Ofori’s stake has increased by GH14.95 million ($1.33 million) over the last 53 days, rising from GH28.46 million ($2.52 million) on June 28 to GH43.4 million ($3.85 million) on August 20 as a result of the double-digit percent increase in the Accra-based financial service’s share price.

With this 52.54 percent increase in the market value of his share, Ofori remains the richest investor on the Ghana Stock Exchange and one of Ghana’s wealthiest businessmen.

In addition to Societe Generale Ghana, the multimillionaire investor has shares in Ghana Commercial Bank, Fan Milk Plc, and CAL Bank, all of which are publicly traded on the Ghana Stock Exchange.

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