Gold

Government currently has zero equity interest in AngloGold Ashanti

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A former Chief Executive Officer (CEO) of the AngloGold Ashanti, Sam Jonah, says government has sold all its shares in the mining company.

In a television interview with state broadcaster GTV, the statesman revealed that the Ghana government currently has a zero equity interest in AngloGold Ashanti.

Mr Sam Jonah described the situation as shameful.

“The Ghana government had 55%, at some stage they sold their interest from 55% to 25% in 1994; Ghana government sold and took $400 million out so the Ghana government became a 25% and not a 55% shareholder.

“Later on, we merged and became AngloGold Ashanti. Ghana government currently as we speak hasn’t got 1%, it has a zero equity interest in AngloGold Ashanti… what a shame,” he disclosed.

When asked about how that happened, he responded, “we sold, Ghana government sold.”

He also expressed worry that no Ghanaian owns even 2% shares in any of the mining companies operating in the county.

According to him, “Our economy has very little local ownership. If you take the mines, Ghana government, by law, has 10% interest in all the mines.”

“But beyond the Ghana government, there is no Ghanaian who has 2% of any of the mines in Ghana. In fact, AngloGold Ashanti, we merged as you know. They had the paper. When we listed in New York, we were the first African company to list on the New York stock exchange after listing in London.”

Source: Myjoyonline.com
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