Over thousands of companies are registered in West Africa. Most of which are registered in Nigeria, Ghana and Cote d’ Ivoire. But despite the numbers, only thirty eight of West African companies made it to the list of Africa’s Top 250 Companies.
Africa’s Top 250 Companies list is compiled annually by the African Business team and in the April issue of the AFRICAN BUSINESS magazine, financial data from Dr. Ayo Salami, (co-founder of African Business Research Ltd) as at 31st December 2011 indicated that
African businesses lost value from $848 billion to $ 652 billion (current market capitalization). As at that date, only 86 companies in Africa are worth a billion dollar.
In this Top 250 list, Dangote Cement, a Nigerian company in the construction and materials industry maintained the 15th position but was the biggest in West Africa with a market capitalization of about $10. 6 billion. Anglogold Ashanti (Ghana: Market cap: $5.5 billion) in the mining and metals industry was the second largest in the region and the 25th in Africa.
It’s quite bad to know that only 38 companies in the region are larger than $210 million (Market cap. of the 250th company on the list). Another notable thing is that, only one company, Ecobank Transnational Inc, on the list is from Togo. This company dropped from 126th on the 2011 Top 250 list to 130th in the latest publication with a market capitalization of $667 million.
Nigeria dominated in West Africa with 26 companies in a total of 38 companies from the region. Ghana and Cote d’ Ivoire followed as usual.
I hope this year brings success to African companies especially the West African ones.
With the current press from the Bank of Ghana, most Ghanaian banks may consider merging to meet the required capital for banking which would aid growth of the banking industry.
The growth of these companies would help the West African region develop to meet its pressing needs.
Long live African Businesses, Long live Start-ups.