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Ghana Now Has No Shares In AnglGold Ashanti - Sam Jonah

Down the up escalator: Reflections on Ghana's future by a senior citizen Sam K. Jonah [Article]

Sir Sam Jonah, a well-known businessman and the former CEO of Ashanti Goldfields, has disclosed that the Ghanaian government has sold all of its shares in AngloGold Ashanti.

The business tycoon claims that Ghana sold 30% of its stock in the company in 1994.

However, after the business was listed on the New York Stock Exchange, the remaining 25% was sold.

He called the outcome of the events "horrible," and bemoaned the country's lack of ownership in major corporations and enterprises run locally.

He says that no Ghanaian owns any stock in any of the nation's mines.

Speaking on GTV’s BBUM show, he said: “Ghana’s government has 10 percent interest in all the mines but beyond the government, there is no Ghanaian who has [even] 2 percent shares in the mines. Ghana’s government has 55%, and they sold their interest from 55% to 25% in 1994.

“So, the Ghana government sold and took 400million dollars out and so Ghana government became 25% and not a 55% shareholder and later on we merged and became AngloGold Ashanti.

“And currently, as we speak, it has zero equity interest in AngloGold Ashanti. The Ghana government had 10 percent in the mines, like Obuasi etc, but as the company that merged, the Ghana government has zero percent of AngloGold Ashanti, which is a shame because we sold,” he said.

Sam Jonah said that all of the mines in South Africa are owned by South Africans, preventing the profit from being sent elsewhere and explaining why Johannesburg is known as a gold mining city.

Trade unions have meanwhile asked the government to enact rules that will guarantee that foreigners who conduct business in Ghana retain a portion of their profit in the country as the country now suffers from a severe economic crisis.

They think that doing this will help slow down the cedi's rapid devaluation.

Content created and supplied by: OPolitics (via Opera News )

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