Ernesto Taricone has become a household name in Ghana today. Some people might not have mentioned his name before, but have definitely mentioned one of his brands without knowing the brain behind it.
Although he’s not a Ghanaian by origin, he has naturalized as a Ghanaian and has become one of the prominent member of Ghana’s society today.
Today, Ernesto Taricone is in the league of the Top Ten Richest Men in Ghana. It’s quiet surprising to see how a stranger from a country could become so wealthy in another country.
Over the last few years, Ernesto Taricone has become an icon which a lot of people around Africa look up to or take their inspiration from.
This article takes a look at Ernesto Taricone’s biography, early life, career, his awards and other interesting facts about him.
Table of Contents
Early Life
Detailed information about Ernesto Taricone is scanty as he was not born in Ghana. Ernesto was born in Italy.
Date of Birth
Ernesto Taricone was born in 1948 and has two other siblings.
Year Of Migration To Ghana
The Taricone family traveled from their home country, Italy and settled in Ghana in 1968 for business purposes.
Ernesto Taricone, together with his dad and family then gradually began to register their footprints on the Ghanaian soil through numerous business ventures.
Today, his family is one of the most prestigious among the high caliber of Ghanaian society.
Information about his parents is unavailable.
Ernesto Taricone’s Career
After his dad retired and died, Ernesto Taricone and his siblings inherited their father’s wealth through his construction and real estate development firm known as Trasacco Estate Development Company.
This company is well known for their numerous high-end infrastructure projects spattered in the capital city, Accra; with it’s most popular project being Trasacco Valley which is home to luxurious estates.
Another exceptional project executed by the company is the Aurora Luxury apartment which is also owned by TEDC. This project is said to be worth up to $400 million, reaching in excess of $500 million upon completion. Each property in this estate is said to be worth upwards of $1 million.
Ernesto Taricone is a civil engineer, as well as an investor. He owns the Tarasco Group which has a workforce of over 5000 Ghanaians, as well as expatriates from all around the world.
Despite having a major influence in the construction industry of Ghana, Taricone also has investments in other areas of the Ghanaian economy such as Agriculture, Mining, and Forestry. With all these diverse investment portfolios, one can only imagine Ernesto Taricone net worth at this point.
Subsidiary Companies owned by Ernesto Taricone
The TEDC group has a lot of subsidiaries working under it. Each of these subsidiaries is located within different industries in Ghana.
TEDC Quarry is one of such subsidiary that is focused on producing and distributing valuable quarry products. The quarry operates at a maximum capacity of 60,000 tones per month, the highest in the country.
In 2004, Taricone bought shares in a construction company that has been in operation in Ghana for over 60 years, making him a co-owner of the company.
Some of the notable projects executed by this company include the Hockey Stadium in Accra and the Accra Sports Stadium reconstruction.
These are remarkable projects which highlight the capacity of the company to deliver world-class services. The partnership which Taricone made with this company brought in several millions of dollars for him. This led to an additional rise in Ernesto Taricone net worth.
Over the years, the company has completed over 60 projects situated across Ghana. These include the Beaufort Ridge at North Ridge which is worth a whopping $10 million.
Ernesto Taricone’s TEDC constructed and owns the Villaggio Vista Condominium which is currently a landmark in Accra for being the tallest building in Ghana.
The project cost $125 million to develop and features $2 million penthouse apartments.
Empire Builders Ghana another subsidiary also has a land bank of 150,000 acres. On a general note, the construction companies guided by Taricone has earned him millions of dollars, the highest generated by his subsidiaries.
Now to agriculture – Taricone put in several Millions of dollars in his own Sant Agata Agricultural Property of Barone Taricone Ltd.
This property boasts of land numbering a whopping 50,000 acres which host plantations such as banana and pineapple just to mention a few. The land in part has also been dedicated to tourism development.
Another subsidiary of the TEDC is the Royal aluminum systems which produce aluminum-themed products such as windows, doors, and wall curtain. The company also has a section focused on producing glass, which was recently completed. Ever since it started operating, the company owns the majority share of the supply of Glass and Aluminum in Ghana. This made Ernesto Taricone more richer.
The Gulfwing aviation Ltd which is situated at the Kotoka International Airport and owned by Ernesto Taricone also offers air transportation services using helicopters and private jets. This service has been used previously by government officials of Ghana, as well as reputable people within the Ghanaian society. Also the petroleum industry has been making use of the services of Gulfwing Aviation Ltd.
Other subsidiaries within TEDC include Fabi timbers Ltd located in Kumasi. This company focuses on producing timber for processing, woodworking, and export to other countries within West Africa and beyond. This company has recorded sales exceeding over $2 million per month.
Ernesto Taricone Net Worth
Ernesto Taricone is estimated to be worth around $1.3 Billion.
How Taricone Spends His Money
Living a luxerious life for Ernesto Taricone is just an arms stretch away. However, despite being one of the richest men in Ghana, Taricone is a much-reserved individual who keeps his business away from the spotlight.
That being said, Taricone owns some of the best and flashy cars you can see on the streets of Accra. He owns a Mercedes-Benz G-Wagon and a 2020 Range rover.
Achievements:
- 2019 Lifetime Award of the maiden City Construction and Properties Awards.
- 2016 Honorary Consul of Ghana to Italy.
- 2019 Construction Firm of the Year