Fast-growing African businesses: IT Consortium recognized as one of the top 20 swiftly expanding African companies in 2023
In the wake of 2022, the Financial Times (FT) unveiled the first-ever ranking of Africa's Fastest Growing Companies, and Ghana's tech giant, IT Consortium, snatched the 17th spot.
This annual ranking offers a glimpse into the vibrant corporate realm across a continent where technology, fintech, and support-service businesses have been adapting to rapidly changing environments. The list was compiled using six criteria, measured between 2017 and 2020 by Statista, a global leader in market and consumer data. A total of 75 companies were featured in the ranking, and only four Ghanaian firms made the cut - IT Consortium, ZEN Petroleum at 29, Landtours Ghana Limited at 46, and Benso Oil Palm Plantation at 70.
IT Consortium, established in 2001, boasted a remarkable 271.428% absolute growth rate and a compound annual growth rate of 54.866% over the given period. Their 2020 revenue reached an impressive $4.644million, up from $1.608million in 2017. The company's workforce also expanded from 35 employees in 2017 to 73 in 2020.
GT Consortium's appearance on the FT rankings comes as no surprise, as the company has consistently graced the Ghana Club100 list for several years. In 2021, it landed a top-five spot at number five, and in 2022, it broke into the top-20 at number 14.
IT Consortium is a leading financial services technology solutions provider with a mission to deliver innovative systems that bring tangible value to its clients. These clients range from state institutions to numerous financial, telecoms, and corporate entities across Africa, as well as individual customers.
The top spot on the FT rankings went to Kenyan tech company Wasoko, which aims to streamline the cost of doing business in the colossal informal commerce sector by boosting the delivery of goods to traders efficiently. Wasoko posted an astounding 8,782.594% absolute growth rate and a compound annual growth rate of 346.183% between 2017 and 2020.
In terms of revenue, Anglo American Platinum Limited took the third spot on the ranking with a whopping $8.37billion in 2020, up from $4.93billion in 2017. South Africa led the list with 24 companies, followed by Nigeria with 20, Kenya with 9, and Egypt with 6. These four countries have attracted the most venture capital and seen the proliferation of unicorns (companies valued at $1billion+). Interestingly, over 15 fintech, digital, technology, and tech-based support service firms also made the list.
However, as many fast-growing companies are privately held and do not publicly disclose detailed financial data, this ranking cannot claim to be exhaustive. The ranking's custodians maintain that the rigorous screening process and the need for senior executives to certify the submitted data ensures the ranking offers valuable insights into the health of these private businesses.
While the 2022 ranking does not provide specific information about the top-performing sectors, fintech and telecommunications are often prominent sectors in such lists. For instance, in the 2025 ranking, some standout companies included Moniepoint, Termii, and PalmPay, all leading figures in the fintech sector.
- The Financial Times (FT) ranking of Africa's Fastest Growing Companies in 2022 highlighted the growth of technology, fintech, and support-service businesses, with IT Consortium from Ghana securing the 17th spot.
- The growth rate of IT Consortium, a financial services technology solutions provider, was remarkable, with a 271.428% absolute growth rate and a compound annual growth rate of 54.866% between 2017 and 2020.
- In addition to IT Consortium, three other Ghanaian companies, ZEN Petroleum, Landtours Ghana Limited, and Benso Oil Palm Plantation, also made it to the FT ranking.
- Despite being a privately held company, IT Consortium's financial data was certified, ensuring the ranking offers valuable insights into the health of private businesses.
- Fintech and telecommunications sectors are often prominent in such rankings, with companies like Moniepoint, Termii, and PalmPay, expected to be standout figures in the 2025 ranking, indicating the continuous growth in these sectors.
