Ghacem was founded by the Government of Ghana in collaboration with Norcem AS of Norway on August 30, 1967.
In 1993, the Ghana Government sold 35 % of its shares to Scancem (formerly Norcem). Scancem as a result had 59.5 %, leaving it with 40 % and 0.5 % going to a local investor. In 1997, the Ghana Government sold 5 % of its 40 % shareholding to the workers of the company.
The remaining 35 % shares of the Ghana Government was sold to Scancem in 1999 and at present Scancem has 93.1 % shares in the company, Ghana Government have 5 % shares and 1.9 % is owned by the late Dr. J. A. Addison, who was a local investor.
In 1999, HeidelbergCement took over Scancem, thus making it a subsidiary.