FRIMPONG-ANSAH FAMILY

THE FRIMPONG-ANSAH FAMILY

$130 Million

AKOSOMBO TEXTILES LIMITED

Wealth: INHERITED, TEXTILES

Known For: AKOSOMBO TEXTILES LIMITED

OVERVIEW

Jonathan Herbert Frimpong-Ansah was the patriarch of the family. He was a former Governor of the Bank of Ghana, and owner of Volta Garment’s LTD, Akotex Synthetics Ltd. Jon was also Senior International Advisor at the Standard Charted Bank Group in London between 1981 to 1991 and Chief Executive of J. H. Frimpong-Ansah Co. Ltd., London specialising in the African monetary economy, with client’s such as the World Bank, UNCTAD, ECOWAS, PTA (East & Southern Africa), Rockefeller Foundation and the Commonwealth Secretariat.

Frimpong passed away on Wednesday 21 April, 1999. His two children Kwadwo and Amma Frimpong-Ansah are believed to have inherited his fortune and interest in Akosombo Textiles Limited (ATL) and various companies.

ATL is a member of the CHA Group of companies, a leading multinational textile group which was established by Chinese entrepreneur, Cha Chi Ming.

ATL was 100% privately owned until the government required all foreign-owned private companies in Ghana to have Ghanaian partners. In response to this, ATL sold some of its shares to two private Ghanaian entrepreneurs; Jonathan Herbert Frimpong-Ansah owner of Angelina Textiles and another local partner. Jonathan Frimpong-Ansah ended up having a 20% stake in the company.

NET WORTH SUMMARY

Frimpong-Ansah’s family fortune was acquired from being the second largest shareholder in ATL with a 20% stake. ATL is the largest producer of textile prints in Ghana and has a workforce of 1,450 employees.

Since 2004 the company has moved from volume production to high margin products. In line with this new strategy, it has introduced high margin wax prints (ABC, Prestige, Damax and Superwax) and high-margin fancy prints (Da Viva, Inspiration and Treasure). The company sells through its associate company, CTD Textiles, as well as other major distributors.

CTD Textiles is part of the CHA Group, was set up to provide it with a distribution system. It has five distribution centres located in Kumasi, Cape Coast, Takoradi, Bolga and Accra (where the company also has its main depot).

ATL exports to Togo, Benin, Ivory Coast, Niger, Burkina Faso, Senegal, Guinea, Nigeria and the UK.

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