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Renowned businessman and former CEO of Ashanti Goldfields, Sir Sam Jonah, has stated that the Ghanaian government has sold its holdings in AngloGold Ashanti.

Sam Jonah said that Ghana sold out 30% of the company in 1994.

However, after the company began trading on the New York Stock Exchange, the remaining 25% was sold off.
He bemoaned the low level of ownership in the largest companies and firms in the nation, calling the development sad.

Speaking on GTV’s BBUM show on September 25, 2022, 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.

He asserts that no Ghanaians have ownership interests in any of the nation’s mines.

“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 claimed that the reason Johannesburg is referred to as a gold mining city is because all South African mines are owned by South Africans.

The government of Ghana has been encouraged by the country’s labor unions to pass laws forcing foreign investors to retain a share of their profits in Ghana.

They believe that by doing this, they would be able to halt the sharp drop of the cedi.

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