Ghana's Serious Fraud Office Clears Ashanti

Ashanti Goldfields Company Limited (``Ashanti'' or the ``Company'') announces that the Serious Fraud Office (SFO) in Ghana has concluded its investigation into alleged financial improprieties at the Company's mine at Obuasi in Ghana.

In a letter from the SFO, received through the Attorney General's Department, the general conclusion was:

"1. None of the allegations levelled could be substantiated by evidence in the relevant financial records and documents.

2. There was no evidence of conclusion or criminal intent to commit fraud in the allegations."

The letter also stated that: ``The Serious Fraud Office did not establish any act of financial mis-management or manipulation, irregularity or impropriety, commission of fraud, that has caused or is likely to cause financial or economic loss to Ashanti Goldfields Company Limited (Obuasi) in which the Government of the Republic of Ghana has a financial interest.''

Commenting on the report, Mr J K Anaman, Managing Director, Public Affairs said: ``We believe this is a signal that the market has been waiting for since the uncertainties of that unfortunate enquiry impacted negatively on our stock.''

A copy of this release is available at http://www.ashantigold.com/releases.htm

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 Ashanti Goldfields Company Limited 
 James Anaman - Managing Director, Public Affairs
 Tel: +233 21 778 178
 or
 Ernest Abankroh - Company Secretary
 Tel: +233 21 774 977
 or
 4C Communications Limited
 Carina Corbett
 Tel: +44 20 8949 7171
 or
 Golin/Harris
 Allan Jordan
 Tel: +1 212 697 9191