The Ashanti Goldfields Corporation is a
gold mining company based in Ghana
that was founded by Edwin Cade. The
Ashanti Mine, located at Obuasi, 56
km south of Kumasi, has been
producing since 1987. The mine is
sited on one of the world's major gold
deposits and is one of the ten largest
in the world.
In 1994, the Ghana government, the
majority shareholder, announced plans
to sell 20-25 percent of its interest in
AGC in a share flotation. The company
was listed on the London and Ghana
stock exchanges. It was the largest
flotation ever organised by any gold
mining company coordinating and
advisory team alone numbered over
200 people. Each of the company's
10,000 employees received five free
shares. In 1996 AGC was listed on the
New York Stock Exchange to raise new
capital, it was the first African
company to appear on Wall Street.
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