See why Ghana’s richest man, Charles Ampofo is not on Forbes list of African Billionaires

Ghana’s acclaimed richest man, Charles Ampofo is not on the Forbes list of African billionaires released in 2018.

Charles Ampofo has been widely referred to as Ghana’s richest man with a net worth of $1.46billion that was accrued as a result of his investment in oil and gas as well as construction.

Ampofo is the chairman and Chief Executive Officer of Dubai, UAE based conglomerate, Kampac group.

Ampofo was missing in the list of 21 richest billionaires that has Nigeria’s industrialist, Aliko Dangote leading with a net worth of $12.2billion and Christoffel Wiese at the 21st position with a net worth of $1.1billion.

The reason for the omission of the billionaire, who was born in Juaso in the Asante Akyem District of Ghana, is because his conglomerate is not situated in Ghana.

According to a report by Kerry Dolan of Forbes, the methodology used in listing Africa and world’s billionaires is dependent on some factors.

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Factors for getting listed on Forbes billionaires list

Forbes list tracks the wealth of African billionaires who reside in Africa or have their primary businesses on the continent but Ampofo's business is in Dubai.

An example of this is Strive Masiyiwa, a citizen of Zimbabwe and a London resident, who is on the list as a result of his expansive telecom holdings in Africa.

How net worths are calculated and authenticated

In calculating the net worth of the listed billionaires, Forbes uses stock prices and currency exchange rates from the close of business of a stipulated time before the release of the list.

To value privately-held businesses, Forbes couple estimates of revenues or profits with prevailing price-to-sales or price-to-earnings ratios for similar public companies.

Interestingly, some list members grow richer or poorer within weeks --or days -- of the measurement date.