Government meets AGC

Accra, Dec. 14, GNA - A government delegation led by Vice-President John Evans Ata Mills on Tuesday held discussions with representatives of Ashanti Goldfields Company Limited in Accra on how the company can move ahead as a viable public company in a manner that would benefit all shareholders.

A statement issued by the Minister of Communications, Mr John Mahama, in Accra said both parties described the meeting as "very constructive". Mr Kwame Peprah, Minister of Finance and chairman of the board, led the AGC team.

The statement said Prof. Mills stressed that, as a major shareholder and regulator, the government will continue to support efforts to restore financial stability and enhance shareholder value. The AGC, assisted by its advisers, had earlier made a presentation on the company's finance, operational and strategic plans that had been structured to contain its liquidity problems.

The statement said the company made a similar presentation to its lenders and hedge counter parties in London recently. Among the government representatives were Alhaji Iddrisu Mahama, Presidential Adviser for governmental affairs, Mr Kofi Totobi Quakyi, Minister for National Security, Dr. Tony Aidoo, Deputy Minister of Defence, Dr. Kwabena Duffour, Governor of the Bank of Ghana, and Mr Alex Ashiagbor, a former Governor of the Central Bank. Government's advisers at the meeting were Mr Kofi Bucknor, Managing Director of CAL Merchant Bank, Mr Frank Adu, General Manager of CAL Merchant Bank, Mr Yoofi Grant of Databank and Mr Ekow Awoonor, a company law practitioner.

Other members of the AGC delegation were Mr Andy Quinn, a Managing Director of CIBC World Markets, advisers to AGC and a subsidiary of the Canadian Imperial Bank of Commerce, Mr Kweku Awortwi, Managing Director, Strategic Planning and New Business, and Mr James Anaman, General Manager, Corporate Affairs.

The statement said another meeting had taken place in Accra between the government's advisors and Mr Jean Claude Gandur, Chairman of Addax & Oryx Group, representing a group of SGC shareholders. It said the meeting, which was at the request of the group, was to discuss their proposals on assisting in the restoration of the fortunes of AGC. Dr. M.P. Martineau, President and Chief Executive, accompanied Mr Gandur, Mining Division of the group, paid a courtesy call on Prof. Mills. GNA