Papa Kwesi Nduom also known as Joseph Hubster Yorke Jr. was born in Elmina, Ghana, and attended St. Joseph’s Catholic Boys School in Elmina and St. Augustine’s Practice School and College in Cape Coast. In 1970, at age 17, he won an American Field Service scholarship.
He joined Deloitte and Touche as an associate consultant and rose to become a partner in the Milwaukee firm. On Nduom’s return to Ghana, he played a major role in helping establish Deloitte and Touch in West Africa and served as the Managing Partner for Deloitte & Touche (West Africa Consulting) and later, Chairman of the Africa Board of Deloitte & Touche.
Nduom has served as Ghana’s Energy Minister, Minister for Economic Planning and Regional Cooperation, and Minister for Public Sector Reform. He has been a Member of Parliament and a Presidential Candidate of his political party; The Progressive People’s Party in Ghana.
NET WORTH SUMMARY
Nduom is President and CEO of Groupe Nduom a business group with operations in Ghana, Liberia, Togo and the USA with companies in the banking, pensions, insurance, hospitality, media, and real estate.
Some of the companies under Groupe Nduom include GN Bank, Gold Coast Fund Management, Coconut Grove Hotels, GN Reinsurance, First Digital TV, Yorke Properties, GN Finance, Today Newspaper, GN Quarry and Concrete Products, GN Printing, Digicut, GN Accounting, GN Micro Health Insurance, GN Life Insurance, Sterlin Management Services, Elmina Sharks; a football team
HE RECENTLY BOUGHT THE ONLY BLACK OWNED BANK IN CHICAGO – USA
Founded in 1934 by 13 black businessmen — including Robert Taylor, grandfather of President Barack Obama’s adviser and “first friend” Valerie Jarrett — who were troubled that African-Americans could not get credit. ISF Bank has branches in Chatham and Bronzeville and survived the rapid consolidation of U.S. banking and the 2008 financial crisis that hit black banks particularly hard because of its “deep community ties and conservative approach,” Nduom said.
Nduom owns banks in several West African countries, including Ghana, Liberia and the Ivory Coast, and he said that he will succeed because “I’ve gone into places where other people were afraid to operate and shown it can be done.” He said he aims to grow the bank from its current $115 million in assets to above $1 billion in the next three to five years.
“When I told people I was running a bank on Chicago’s South Side, people said to me, ‘Why?!'” he said, to laughter. “I told them, ‘There are people who live there, and they have needs.'”
Mayor Rahm Emanuel, who made $18 million during his own highly lucrative but short-lived career in banking and served on the board of Freddie Mac, was invited to attend the lunch but could not make it, leaving Cook County Commissioner Richard Boykin as the highest-ranking elected official present.
In a fiery speech supporting the bank, Boykin linked generations of economic deprivation and limited access to credit to the violence that is claiming so many lives in Chicago’s black communities and quoted Frederick Douglass: “It is easier to raise strong children than it is to repair broken men.”
Boykin added, pointedly, “There are no poor white neighborhoods in the city of Chicago.”