Daniel Ofori, the wealthiest investor in Ghana, has seen his fortune rise by $7.6 million this year as a result of profits from his ownership of GCB Bank. This is indicative of the lender’s significance in the nation as well as his influence in the local market.
Daniel Ofori owns 19,867,154 shares, or 7.5 percent, of GCB Bank Plc.
At the time this report was written, his stake’s market worth was $18 million, up from $10.4 million on January 1.
The profit demonstrates how changes in a single publicly traded firm may have a big impact on the wealth of its biggest investors.
As one of the leading lenders in the nation, GCB Bank is vital to Ghana’s economy.
The lender is the tenth most valuable firm on the Nasdaq and has over 11 percent of all deposits.
Because of its scale and reach, institutional investors and smaller traders searching for market indications have come to rely on its shares.
This year, the bank’s stock has increased by 73 percent, from GH₵6.37 ($0.52) in January to GH₵11.02 ($0.91).
This increased Ofori’s shares by GH₵92.29 million ($7.6 million) and brought the bank’s market value beyond $240 million.
A $100,000 investment at the beginning of the year is now worth over $173,000, demonstrating that the returns have also attracted regular investors.
Daniel Ofori’s shareholding has increased this year, solidifying his status as one of Ghana’s wealthiest investors.
The performance of the banks and companies in which he has stock continues to have a significant impact on his fortunes, and the most recent increase in GCB Bank stock solidifies his standing as a long-term investor in one of Ghana’s most significant lenders.
Source: newsthemegh.com