AGC appoints acting Board Chairman

Kwapra to spend 370 million cedis on projects

Accra (Greater Accra),15 February 2000

Ashanti Goldfields Company (Ashanti) on Monday announced the appointment of Mr. Philip M. Tarsh, a senior independent director, as the Acting Chairman of its Board of Directors with immediate effect.

This followed the resignation of Mr. Richard Kwame Peprah, Minister of Finance, as a Director of the Company and Chairman of the Board, with effect from February 11.

A statement from Ashanti in Accra said Mr. Tarsh, who has been a member of the Board since 1978, will serve as Acting Chairman until a new Chairman is appointed.

The statement said "this is expected to occur shortly as part of a general restructuring of the Board."

An Accra High Court last week ordered the company to hold an Emergency General Meeting on March three of shareholders to elect a new Board of Directors.

Ashanti said it regrets the resignation of Mr. Peprah who said in his letter that he is unable to continue in his role because of pressures of implementing the challenging targets set in the budget.

"The Board regrets that Richard Peprah felt it necessary to resign at this time and would like to express its appreciation for his services to the Company and its shareholders.

"His stewardship guided the Company from 1982 through its most difficult years in the 1980s and through its recovery plan following the passing of the new mining law in 1986, which he was instrumental in implementing."

Ashanti said Mr. Peprah in the 1990s oversaw the development of the Company into a publicly quoted pan-African gold mining company of international stature.

"The Board of Directors would like to express its sincere thanks to Richard Peprah for his exemplary leadership and the sterling support he has given to Ashanti during his time as a Director and Chairman.

The statement added that the Board proposes that Mr. Mark Keatley, the Chief Financial Officer (CFO), should step down from his position as a Director and CFO of the Company.

This should be after completing the signing and disbursement of the new financing and after completing the financial accounts and filing regulatory documents for the 1999 financial year.

It said that, accordingly, Mr. Keatley would continue to serve as CFO until the company's next Annual General Meeting and will step down from the position as soon as a suitable successor is in place.

The statement said the Board has instituted a search for a suitable appointee.

GRi

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Kumasi (Ashanti), 15 February 2000

The people of Kwapra near Kumasi have initiated a three-year development programme estimated at 370 million cedis.

Projects envisaged include the construction of culverts, a school, a market, a clinic, access roads, recreational and toilet facilities.

Baffour Adu-Gyamfi Kumanin, Kwaprahene, said this at a meeting with unit committee members, sub-chiefs, elders and residents at Kwapra on Sunday.

A special levy of 100,000 cedis a household has been instituted to finance the projects in addition to revenue from stool lands and other voluntary contributions.

Baffour Adu-Gyamfi expressed concern about the lack of communal spirit among the people and urged them to rekindle their self-help efforts.

The youth should show respect to sub-chiefs and elders of the town and parents should send their children to school to equip them to function effectively in future.

Baffour-Adu-Gyamfi advised Kwapra residents to pay their monthly contribution of 200 cedis towards the Asantehene's Educational Fund promptly.

Mr. Kwasi Asare Bediako, Chairman of Kwapra Unit Committee, commended Baffour Adu-Gyamfi for his concern for the development of the town and advised residents to reciprocate this gesture by regularly participating in communal

labour and honouring their tax obligations.

GRi

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