Ghanaian businessman and Founder of Jospong Group Joseph Agyepong has suffered a loss of $224,000 (GH₵1.35 million) from his stake in Access Bank Ghana, as shares in the bank lost one-fifth of their value since the start of the year.
Access Bank Ghana Plc, formerly Access Bank Ghana Limited, is a full-service commercial bank in Ghana, licensed by the Bank of Ghana.
The bank operates as a subsidiary and component of Access Bank Group, a financial services conglomerate based in Lagos, Nigeria, offering universal banking services to institutional, corporate, commercial and retail customers across Ghana.
As of press time, 11:10 AM (UTC), Sept. 17, the bank’s shares on the Ghana Stock Exchange were trading at GH₵3.49 ($0.5784) per share, giving the bank a market capitalization of GH₵607.0 million ($100.5 million).
The stock price of Access Bank Ghana declined from GH₵4.39 ($0.728) per share on Jan. 4 to GH₵3.49 ($0.578) on Sept. 17 since the year began.
The downward price trend in the bank’s stock in 2021 resulted in a 21-percent loss for shareholders.
Agyepong, the founder of Jospong Group, one of the most diversified holdings companies in Ghana with operations in other countries in Africa and Asia, holds a beneficial stake of 0.9-percent in Access Bank Ghana.
The market value of his stake has declined from GH₵6.59 million ($1.10 million) on Jan. 4 to GH₵5.24 million ($866,000) at the time of writing.
This translates to a loss of $224,000 for the businessman since the start of this year.