ERNESTO TARICONE

$1.3 Billion

EXECUTIVE CHAIRMAN, TRASACCO GROUP

Age: 69

Wealth: SELF MADE, REAL ESTATE

Known For: TRASACCO VALLEY

OVERVIEW

Ernesto Taricone is an industrial investor and civil engineer, he is the Executive Chairman and CEO of Trasacco Group which employs over 4000 Ghanaians and expatriates.

Ernesto Taricone was born in Italy in 1948; he came to Ghana in 1968 with his father and two brothers when he was still in his teens. The majority of his business is focused on Ghana covering various key sections in the Ghanaian Economy; Agriculture, Mining, Forestry, Construction and Real Estate development.

In the nineties, Taricone after working with construction developers and raising funds decided to use that experience to develop a land his late father, Baron Fiore Taricone had acquired. He started the township which he had envisaged and called it Trasacco Valley (after a town in Italy where his family came from). Ernesto is currently developing Trasacco Valley into a mini town which will take 10 years to complete.

NET WORTH SUMMARY

Ernesto acquired his wealth from his construction and real estate development firm, Trasacco Estate Development Company (TEDC), the developers of Trasacco Valley which is the pioneer in luxury planned apartment and high end property developments for the affluent in Ghana. Trasacco also developed and owns the The Aurora Luxury Apartments in Accra.

Development works are still ongoing to expand the Trasacco Valley into a mini-town with 1000 homes and will include a mini golf course with recreational facilities and a commercial zone.

The overall project investment into Trasacco Valley amounts to $400 million, the homes cost between $1 million to $3 million to purchase.

Trasacco Estate Development Company (TEDC) currently has over $500 million in ongoing projects.

Trasacco Group has another subsidiary called Casa Trasacco an interior design company which is managed by his nephew Massimiliano and daughter Agata Taricone.

Another subsidiary of the group; TEDC Quarry located in Shai Hills, has a total production capacity of 60,000 tonnes per month capacity.

Taricone co-owns Michelleti & Co. which he acquired together with two partners in 2004. Michelleti & Co has been operating as a construction firm in Ghana for over 60 years. Its landmark developments include the Hockey Stadium in Accra and the Accra Sports Stadium reconstruction. The company constructed the luxury 61 apartment, the Beaufort Ridge at North Ridge in Accra on behalf of Beaufort properties at the cost of $10 million; The World Bank Office at Ridge, Accra and the One Airport Square building at the Airport City also in Accra.

Ernesto Taricone’s Trasacco Estate Development Company developed and owns the Villaggio Vista Condominium which is now a landmark in Accra for being the tallest building in Ghana. The project cost $125 million to develop and features $2 million penthouse apartments.

Empire Builders Ghana another subsidiary also has a land bank of 150,000 acres.

In agriculture, Taricone owns Sant Agata Agricultural Property of Barone Taricone Ltd with over 52,000 acres of farm land dedicated to pineapple, banana, and other agricultural development. He also owns a 2,103 acre plot of land designated for a tourism development project.

Ital Pre-stress and Construction Products Ltd is also a factory he owns which produces prefabricated concrete sections and manufactures prestressed concrete products. It is the manufacturer of the "Trasacco Fast Floor” (beam and block, hollow core and biscuit slab systems) with depots in Accra and Kumasi.

Tarricone co-owns Royal Aluminium Systems, a factory which was set up for the production of Aluminium Windows and Doors and Curtain Walls. The company recently completed the construction of their new automatic glass factory and has the largest market share for the supply in terms of both volume and product quality in Ghana.

Taricone’s Gulfwing Aviation Ltd based at the Kotoka International Airport also offers helicopter services and provides private executive helicopter transportation for both commercial and passenger transport. Most of the company’s clients are oil and gas companies operating in Ghana.

Other subsidiaries under the Trasacco Group are Fabi Timbers Ltd in Kumasi which specializes in wood processing for exports; with monthly sales of $1 million and Fabi-BRM Wood Processing Co. located outside of Cape Coast; 95 percent of its products are exported to Europe and America.

West Africa Industrial Development is also another factory which produces timber doors.

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