KOFI AMOAH

KOFI AMOAH

$341 Million

CEO, PROGENY VENTURES LIMITED

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Wealth: SELF MADE, DIVERSIFIED

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Known For: WESTERN UNION

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OVERVIEW

Dr. Amoah is the accredited African partner for the US-based Western Union Money Transfer business. Sending money to his mum in Ghana in the 90’s was difficult and the legendary efficiency of the Ghana Post Office couldn’t be relied on, one midnight Kofi had an epiphany which made him realize that if people in America could send money from one state to another through Western Union then why can't a similar system be set up in Ghana to make sending money back home easier and safer.

Kofi proposed this idea to Western Union but was initially turned down by Western Union because during that period, the newspapers in New York had written a bad article about Africa on AIDS and tribal wars and his nice personality was not enough to convince them that Africa was good for business. For two months Kofi Amoah had pursued Paul, the president of the company until he acceded to his business proposal and asked him to get a bank in Africa to start. Western Union started its African operations from Ghana in 1995. 

Kofi worked in the United States at Northrop, Electronic Data System (EDS), Southeast Investment Corporation Development, Elsafe Incorporated, Global One and Bear, Stearns Inc.

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NET WORTH SUMMARY

Kofi is the founder and president of J.S. Investments Inc., Los Angeles, PPVI Ghana Ltd, and Progeny Aluminum and Design Ghana Ltd.

Kofi Amoah obtained most of his fortune from being the African partner for the Western Union Money Transfer business, Kofi Amoah earns a percentage on every Western Union transaction in Africa and according to a 2009 report published by the International Fund for Agricultural Development (IFAD), Western Union's remittance flows to Africa reached approximately US$40 billion every year.

Western Union first launched its services in Africa 20 years ago in Ghana. Within the first year, the company extended its services to reach 10 countries. Since the second quarter of 2009, Western Union has expanded its Agent network from 15,000 to 20,000 locations in 49 African nations.

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Visibility Ratings: B