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Ernesto Taricone, the Richest Man in Ghana

September 12, 2024

Ernesto Taricone, the Richest Man in Ghana

Ernesto Taricone is a widely recognized entrepreneur and investor, known for his significant impact in Ghana’s business arena.

Taricone’s remarkable rise from humble origins to a prominent figure in Ghana’s business landscape speaks volumes about his unyielding vision, relentless perseverance, and unwavering dedication to achieving excellence.

Ernesto Taricone Biography

Born in Italy in 1948, Ernesto Taricone is Ghana-based businessman and industrialist. Known for his transformative impact on the Ghanaian economy. While details about his early life and upbringing are relatively scarce, Taricone’s journey from Italy to Africa is one of remarkable perseverance and ambition.

Education

Though details about Ernesto Taricone’s formal education remain limited. His proficiency in civil engineering and construction management is evident in the quality of his projects. It’s likely that he received specialized education and training in these fields, possibly in Italy before moving to Ghana.

Move to Ghana

Ernesto came to Ghana in 1968 with his father and two brothers when he was still in his teens. A period when the country was navigating post-independence challenges and economic instability.

Unlike many foreign investors who saw the political and economic conditions in Ghana as a deterrent. His amily saw opportunities in the country’s untapped potential.

He identified construction and infrastructure as critical areas for growth, particularly as Ghana was seeking to modernize and develop its cities. His foresight in recognizing the need for quality construction and real estate development in the country laid the foundation for his subsequent success.

Early life and career

In the 1990s, Ernesto Taricone ventured into Ghana with limited resources but a bold vision, starting with importing and selling agricultural machinery. He expanded his business into other sectors such as construction, mining, and real estate development in Ghana.

Founding the Trasacco Group

In 1998, Taricone utilized his previous experience in working with construction developers to develop a plot of land that belonged to his late father, Baron Fiore Taricone.

He named the place Trasacco Valley, after his family’s ancestral town in Italy. Over time, Trasacco Valley has evolved into the Trasacco Group, which has emerged as one of Ghana’s most prominent business entities.

The Trasacco Group is a diversified conglomerate with a wide range of interests, including has become a prominent player in Ghana’s construction and real estate development sector.

The group is known for delivering high-quality projects that meet international standards, and has developed luxury homes, office complexes, and shopping malls.

Businesses Owned by Ernesto Taricone

Under Taricone’s astute leadership, the Trasacco Group has experienced significant growth, diversified its operations and established a formidable presence in various sectors of the Ghanaian economy.

Casa Trasacco

Trasacco Group has a subsidiary called Casa Trasacco an interior design company which is managed by his nephew Massimiliano and daughter Agata Taricone. They offer a diverse range of design and architectural services.

The group has been actively engaged in designing and constructing numerous iconic buildings in Ghana, spanning across residential and commercial agriculture, construction, mining, design, and real estate development.

Sant Agata Agricultural Property

Taricone has recognized the potential of Ghana’s agriculture sector and made significant investments through the Trasacco Group. He owns Sant Agata Agricultural Property, spanning over 52,000 acres. Dedicated to pineapple, banana, and other agricultural development.

He also owns a 2,103 acre plot of land designated for a tourism development project. His strategic approach showcases his business acumen and commitment to harnessing Ghana’s resources for economic growth.

Trasacco Estate Development Company

Taricone’s Trasacco Estate Development Company is the owner and developer of the Villaggio Vista Condominium. A landmark in Accra for being the tallest building in Ghana. The project cost $125 million to develop and features $2 million penthouse apartments.

They are 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.

Royal Aluminium Systems

Taricone’s co-owned company, Royal Aluminium Systems, has achieved significant success in Ghana’s market for aluminium windows, doors, and curtain walls. The company owns an automatic glass factory, which has the largest market share for the supply in terms of both volume and product quality in Ghana.

Michelleti & Co.

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.

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The company handled the following projects:

The luxury 61 apartment
Beaufort Ridge at North Ridge in Accra on behalf of Beaufort properties at the cost of $10 million
World Bank Office at Ridge, Accra
One Airport Square building at the Airport City, Accra

Ital Pre-stress and Construction Products Ltd

Ital Pre-stress and Construction Products Ltd 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.

Gulfwing Aviation Ltd

Based at the Kotoka International Airport offers helicopter services. They also provide 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

TEDC Quarry located in Shai Hills. It has a total production capacity of 60,000 tonnes per month capacity.
Empire Builders Ghana, with a land bank of 150,000 acres.
Fabi Timbers Ltd in Kumasi which specializes in wood processing for exports; with monthly sales of $1 million.
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.

Ernesto Taricone Net Worth

Ernesto acquired most of his wealth through construction and real estate development. According to different sources, Ernesto Taricone net worth is around $1.3 billion. He currently holds the title of the richest man in Ghana.

He has established a formidable empire through his conglomerate, the Trasacco Group. A company with a diverse portfolio spanning agriculture, construction, design, and real estate development among others.

Contributions to Ghana’s Economy & Community Development

Taricone’s business ventures have not only brought him success. But they have also made significant contributions to Ghana’s economy and community development.

Through the Trasacco Group’s operations, Taricone has created thousands of job opportunities for Ghanaians. Contributing to poverty reduction and economic empowerment in the country

Also, the group’s agricultural investments have increased local food production and food security in Ghana. Taricone is also committed to philanthropic initiatives, earning him respect and admiration in Ghana.

Challenges

Ernesto Taricone’s path to success has been marked by challenges as he built a business empire from the ground up in a foreign country. Navigating unfamiliar business environments, cultural differences, and bureaucratic obstacles were some of the hurdles he faced.

However, Taricone’s unwavering determination, resilience, and innovative problem solving approach have enabled him to overcome these challenges and achieve remarkable success.

Successes

Taricone’s business acumen has been evident in his ability to diversify the operations of the Trasacco Group across various sectors. This has been instrumental in navigating market fluctuations and ensuring stability and growth.

His forward-thinking approach and strategic vision have enabled him to identify and capitalize on business opportunities in Ghana’s competitive landscape.

Taricone’s unwavering commitment to quality and excellence has also played a significant role in his success. The Trasacco Group is recognized for delivering projects and services of the highest standards, earning a reputation for reliability and professionalism.

This commitment to quality has fostered customer loyalty and nurtured long-term business relationships, contributing to the group’s achievements.

Conclusion

Ernesto Taricone’s accomplishments as a businessman and investor in Ghana are truly remarkable.

Starting from modest beginnings, he has built a billion-dollar conglomerate, the Trasacco Group, which stands as a testament to his unwavering vision, determination, and perseverance.

The success story of Ernesto Taricone is proof that Africa remains one of the best places to do business in the world.

References

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