Three Firms Shortlisted to Take over Ghana Consolidated Diamonds

Great Consolidated Diamond Limited, Jowac Company Limited and Balaji Limited are the three diamond companies that have been shortlisted to take over Ghana Consolidated Diamonds (GCD), the modernghana.com website reports.

GCD went under in 2007, leaving over 800 employees without work and – until the last week in December 2010 – without the benefits to which they were entitled. The company has begun distributing payments and has assured the families of the former GCD employees who died between 2007 and the end of 2010 that they would receive their due payment.

Ghana's Deputy Eastern Regional Minister Baba Jamal said that 30 companies had shown interest in buying GCD and 18 had bid for the company. One of the three shortlisted firms, Jamal noted, was willing to invest $70 million in GCD.

Like many West African countries, Ghana has diamond resources, but it has yet to become a major producer. In 2009 the country produced 376,371 carats of rough diamonds with a total value of just under $7 million. Ghana borders the Ivory Coast, whose diamond exports are under a strict international embargo by the Kimberley Process.