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:

  1. 3 year audited financial statement i.e. 2015, 2016, 2017
  2. Business Registration Certificate issued by the Registrar General’s Department, as proof that the company is registered and recognized in Ghana
  3. Tax clearance Certificate issued by GRA, as evidence that the company is meeting its tax obligations to the country and,
  4. 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