Ghana Club 100 - Ghana Investment Promotion Centre (GIPC)

Introduction - 17th Edition

APPROACH AND METHODOLOGY

The ranking of the top 100 companies was carried out using two broad criteria; eligibility criteria and ranking criteria. The eligibility criteria determine which company qualifies to be ranked and the ranking criteria were used to ascertain the scores and subsequently position of the companies ranked.

ELIGIBILITY CRITERIA

As part of the application process companies were required to submit the following documentation:

3 year audited financial statement i.e. 2015, 2016, 2017
Business Registration Certificate issued by the Registrar General’s Department, as proof that the company is registered and recognized in Ghana
Tax clearance Certificate issued by GRA, as evidence that the company is meeting its tax obligations to the country and,
SSNIT Clearance Certificate, as evidence that the participating company is fulfilling its mandatory obligation of contributing to securing the future of its employees.

Companies that met these requirements progressed to the next phase of the process, which is the Ranking.

The GC 100 companies were ranked using three main criteria namely; size, growth and profitability

SIZE

This was measured using the company’s turnover for the relevant ranking year (2017). Turnover for the banks was measured by gross interest income plus commissions and fees, while turnover for insurance companies was by net premium earned plus investment income. For all other companies turnover was measured by the revenue for that period. For the purposes of this ranking the company with the highest turnover for a particular period was used as benchmark for assessing other companies. Thus all companies’ turnover was expressed as a percentage of the turnover of the largest company. This was to rebase the scores for this criterion.

PROFITABILITY

A universally accepted measure of profitability is the ReIturn on Equity(ROE). This indicates the return that management has created for the shareholders of the company. For the purposes of the ranking, this was measured by the 3 year average ROE for the relevant years; for instance 2015, 2016 and 2017 for the 2017 ranking period. The company with the highest 3 year average ROE was expressed as a percentage of that. This was to rebase the scores so that all the scores will be within 100%.

GROWTH

This gives recognition to companies that are growing at impressive rates. Such companies are usually growing because of excellence in product development, marketing and effective management. This was measured using the 3 year compounded annual growth rate (CAGR) of turnover over the relevant period.

Similarly the company with the highest CAGR was used as basis for rebasing the scores.

WEIGHTING OF THE RANKING CRITERIA

The participating companies were ranked on the three criteria namely size, profitability and growth. A weighted score was calculated by applying specific weights to a company’s score on each criterion. The table below shows the ranking criteria and the specific weights assigned.

Ranking Criteria	Assigned Weight
Size	40%
Profitability	30%
Growth	30%

Based on the above weights the overall score of a company in the 17th Edition of GC100 was obtained by totaling the company’s weighted average score for all three criteria. The companies were then ranked based on their total scores. This implies that a company must perform well in all three criteria as performing well on a criterion will not guarantee that a company emerges overall winner.

Full Rankings

RANK	COMPANY	SUB SECTOR
1	Newmont Golden Ridge Limited	Petroleum and Mining Services
2	Ghana Oil Company Limited	Petroleum and Mining Services
3	Golden Star Resources Limited	Petroleum and Mining services
4	Total Petroleum Ghana Limited	Petroleum and Mining Services
5	Ecobank Ghana Limited	Universal Bank
6	Unibank Ghana Limited	Universal Bank
7	Zenith Bank Ghana Limited	Universal Bank
8	Newmont Ghana Gold Limited	Petroleum and Mining Services
9	Ramel Business Services Limited	Services
10	Cal Bank Ghana Limited	Universal Bank
11	Barclays Bank Ghana Limited	Universal Bank
12	Fan Milk Limited	Manufacturing
13	Unilever Ghana Limited	Manufacturing
14	Access Bank (Ghana) Limited	Universal Bank
15	Ghana Home Loans	Non-Bank Financial Institution
16	Melcom Limited	Services
17	Dalex Finance & Leasing Company Limited	Non-Bank Financial Institution
18	Toyota Ghana Company Limited	Services
19	B 5 Plus Limited	Manufacturing
20	Asa Savings and Loans Limited	Non-Bank Financial Institution
21	Amenfiman Rural Bank Limited	Rural Bank
22	Enterprise Life Assurance Company Limited	Insurance Services
23	Standard Chartered Bank Ghana Limited	Universal Bank
24	Ghana Community Network Services Limited (GCNet)	ICT
25	Capital Bank Limited	Universal Bank
26	First Allied Savings and Loans Company Limited	Non-Bank Financial Institution
27	Sefwiman Rural Bank Limited	Rural Bank
28	United Bank for Africa (Ghana) Limited	Universal Bank
29	Nationwide Financial Services Limited	Non-Bank Financial Institution
30	Scanad Ghana Limited	Services
31	Manya Krobo Rural Bank Limited	Rural Bank
32	Atwima Kwanwoma Rural Bank Limited	Rural Bank
33	All Time Capital Limited	Non-Bank Financial Institution
34	Fiaseman Rural Bank Limited	Rural Bank
35	LeasAfric Ghana Limited	Services
36	South Akim Rural Bank Limited	Rural Bank
37	DHL Ghana Limited	Services
38	SIC Life Company Limited	Insurance Services
39	Societe Generale Ghana Limited	Universal Bank
40	Shekinah Glory Hotel Limited	Services
41	Glico Healthcare Limted	Insurance Services
42	Prudential Bank Limited	Universal Bank
43	Guaranty Trust Bank (Ghana) Limited	Universal Bank
44	Brooks Asset Management Limited	Non-Bank Financial Institution
45	Otuasekan Rural Bank Limited	Rural Bank
46	Jislah Financial Services Limited	Non-Bank Financial Institution
47	Regency Alliance Insurance Limited	Insurance Services
48	Dumpong Rural Bank Limited	Rural Bank
49	Duraplast Limited	Manufacturing
50	Prudential Life Ghana Limited	Insurance Services
51	Odotobri Rural Bank Limited	Rural Bank
52	Enterprise Insurance Company Limited	Insurance Services
53	Kasapreko Company Limited	Manufacturing
54	New Crystal Health Services Limited	Health
55	Sahel Sahara Bank (BSIC Ghana Limited)	Universal Bank
56	Anlo Rural Bank Limited	Rural Bank
57	Bond Savings and Loans Limited	Non-Bank Financial Institution
58	uniCredit Ghana Limited	Non-Bank Financial Institution
59	Tropical Cable and Conductor Limited	Manufacturing
60	Ahantaman Rural Bank Limited	Rural Bank
61	Akwapim Rural Bank Limited	Rural Bank
62	Star Assurance Company Limited	Insurance Services
63	Japan Motors Trading Company Limited	Services
64	Bosomtwe Rural Bank Limited	Rural Bank
65	M and G Pharmaceuticals Limited	Manufacturing
66	Benso Oil Palm Plantation Limited	Agriculture and Agribusiness
67	Strategic Communication Africa Limited	Services
68	Nwabiagya Rural Bank Limited	Rural Bank
69	Kintampo Rural Bank Limited	Rural Bank
70	CDH Savings and Loans Limited	Non-Bank Financial Institution
71	Atwima Mponua Rural Bank Limited	Rural Bank
72	Activa International Insurance Company Ghana Limited	Insurance Services
73	Equity Assurance Limited	Insurance Services
74	Juaben Rural Bank Limited	Rural Bank
75	Lower Pra Rural Bank Limited	Rural Bank
76	Sekondi Takoradi Forex Bureau Limited	Non-Bank Financial Institution
77	Paradua Forex Bureau Limited	Non-Bank Financial Institution
78	Bank of Baroda (Ghana( Limited	Universal Bank
79	Pan African Savings and Loans Company Limited	Non-Bank Financial Institution
80	Bia-Torya Community Bank Limited	Rural Bank
81	Reroy Cables Limited	Manufacturing
82	Amanano Rural Bank Limited	Rural Bank
83	Quality Life Assurance Company Limited	Insurance Services
84	North Kaneshie Forex Bureau Limited	Non-Bank Financial Institution
85	Nsoatreman Rural Bank Limited	Rural Bank
86	Land Tours (Ghana) Limited	Services
87	1st African Forex Bureau Limited	Non-Bank Financial Institution
88	Intercom Programming & Manufacturing Company (IPMC) Limited	Education
89	Atlantic and Pacific Forex Bureau Limited	Non-Bank Financial Institution
90	PZ Cussons Ghana Limited	Manufacturing
91	Camelot Ghana Limited	Manufacturing
92	Glico Life Insurance Company Limited	Insurance Services
93	Latex Foam Rubber Products Limited	Manufacturing
94	Bsystems Limited	ICT
95	HFC Bank (Ghana) Limited	Universal Bank
96	Reiss & Company (Ghana) Limited	Agriculture and Agribusiness
97	Anum Rural Bank Limited	Rural Bank
98	Glico General Insurance Company Limited	Insurance Services
99	Imperial Homes Limited	Services
100	Enterprise Trustees Limited	Non-Bank Financial Institution

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