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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    African Finance Ministers tasked to allocate more resources into education sector

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

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Randgold blames Govt for its pullout from Ghana

bycitibusinessnews
September 28, 2016
in Government, Local Economy, Mining, News, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

Mining giant Randgold Resources Limited has revealed that it abandoned its deal with AngloGold Ashanti to take over the Obuasi Mine  because government of Ghana refused to give complete support to the deal.

Randgold Resources in 2015 abandoned plans to redevelop the Obuasi mine of Anglogold Ashanti, just three months after announcing its interest in the mine through a partnership with Anglogold.

Chief Executive Officer of Randgold, Mark Bristow who made the announcement on Tuesday stated that

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government showed no support which revealed that the social risk there was enormous.

Speaking at a media briefing in Johannesburg , Mark Bristow said “we were very concerned about the complete lack of support from the Government for this whole plan. When we go into a country we see ourselves as partners with Government because we are developing a national asset.”

Bristow also lamented political interference stating that many attempts to invest in Ghana, were always rattled by political intervention.

Moves to revamp the Obuasi gold mine hit a snag in December 2015 following the pullout of Randgold.

AngloGold Ashanti in September of that same year announced it had entered a joint venture with Randgold Resources Limited to revamp the Obuasi mine to a world-class high-grade mine.

But a few months after the announcement Randgold Resources Limited pulled out citing no significant reasons.

AngloGold Ashanti at the end of 2014, converted the Obuasi mine to limited operations ceasing underground production.

The move led to the dismissal of thousands of its workforce.

The Obuasi was subsequently invaded by illegal miners.

AngloGold Ashanti in 2016 commenced arbitration proceedings against the Ghanaian government through the International Centre for Settlement of Investment Disputes (ICSID) requesting that ICSID make an urgent order forcing the government to “amongst other things, to re-instate military security and restore law and order at the Obuasi mine.”

–

By:  Norvan Acquah – Hayford/citibusinessnews.com/Ghana

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