Kwabena Adjare Danquah, is a Ghanaian businessman who founded Metalex in 1984 to produce competitively priced high-quality roofing materials. Situated in a suburb of Accra, the company started as a retailer of aluminium roofing sheets but later became a manufacturer of aluminium, clay and plastic roofing materials. Metalex owns other factories which produces clay roofing products and plastic roofing products.
On completion of high school, Danquah joined his father’s retail business and in 1981, with a loan of US$5,000 from his father, he started a small business selling steel filing cabinets. In 1983, Danquah became a salesman and stockist for Ghana Aluminium Products, the largest manufacturer of roofing materials in Ghana. Through his retail business he built up a good understanding of the industry and, in 1984 he decided to move into manufacturing by establishing Metalex to produce roofing sheets. Danquah travelled to the UK to seek equipment to manufacture aluminium roofing sheets. Realizing that the equipment could be produced much more cheaply in Africa, he sought the assistance of a South African engineer, who eventually manufactured the necessary equipment for him. This completed the firm’s transition into manufacturing.
NET WORTH SUMMARY
Metalex manufactures metal and brick roofing materials and has a workforce of over 500 people. The founder of the company, Kwabena Danquah, is the CEO of the company, while his son Yaw Danquah is the General Manager. Metalex is the only roofing company in Ghana that covers aluminium sheet, clay and plastic products.
Diversification also contributes to the success of the company. Metalex also owns a clay brick facility that allows it to offer alternative solutions for customers together with its plastic roofing manufacturing facility with steel coils and frames are imported from South Africa.
Metalex initially entered into a joint venture with Macsteel, a South African company which manufactured and supplied steel coils, under this contract, Metalex was forced to buy the products irrespective of price. When the relationship with Macsteel collapsed in 2004, Kwabena Danquah entered into a 50-50 joint venture with Comet Steel of South Africa to establish Macsteel Ghana.
The company currently exports products to West African countries including Nigeria, Burkina Faso, Mali and Togo. Metalex plans to establish a facility in Liberia and expand supply to other countries in West Africa.
Kwabena Danquah lives in an 18 bedroom palace in Glen Marais, Johannesburg and owns over $100 million worth of real estate in South Africa for commercial and private use under the company name All Danquah Business CC.
He also owns the Obuoba Group, a collection of companies which include a hotel, a roofing entity, alcohol distillery and an FM station (Obuoba 97.1). Kwabena Danquah is also in the process of funding the construction of a technical university.