- For a more sophisticated discussion of the dynamics of privatisation, see Colin Scott, ‘Privatization, Control, and Accountability’ in Corporate Control and Accountability (J McCaherry, Sol Pocciotto and Colin Scott eds, 1992), pp 231–245.
- Discussed by Catherine Eckel and Theo Vermaden, ‘Internal Regulation: The Effects of Government Ownership on the Value of the Firm’ (1986) 29 J Law & Econ 383–384.
- Ibid.
- This was the regime for the electricity industry in Malaysia, at least until 1997, and it was also described as privatised. See Steven C Anderson, ‘The Climate for Private Investment in Malaysia's Power Sector’ in Kate Lingley (ed), East Asian Electricity Restructuring Forum; Final Report (1996), at 120. See Francis Botchway, ‘The Role of the State in the Context of Governance and Electricity Management: Comparative Antecedents and Current Trends’ (2000) 21 U Penn J Int Econ L 781, 808–813.
- See Stephen Thomas, ‘Strategic Government and Corporate Issues’ in John Surrey (ed), The British Electricity Experiment: Privatisation: The Record, The Issues, The Lessons (1996), pp 250 and 287. See also the Minerals and Mining (Amendment) Act, Ghana (Act 475 of 1994).
- For example, the Rawlings Government reduced income tax on mining companies from 45 per cent to 35 per cent in the wake of the privatisation of AGC in 1994. See Minerals and Mining (Amendment) Act (Act 475 of 1994).
- The benefits of this may include tax revenue, synergy, prestige and general control.
- Ibid.
- Ibid. See also F N Botchway, ‘Shareholding in Mining Companies in Ghana’ (1997) 15 JERL 167–168.
- For example, in dividend declaration.
- Francis Botchway, ‘Pre-Colonial Methods of Gold Mining in Ghana’ (1995) 13 JERL 299–311.
- Edward Ayensu, Ashanti Gold (1997), pp 1–12.
- Ibid.
- Ibid.
- Ibid.
- Ibid.
- Ibid.
- Lillian Walker, The Gold Mining Industry in Ghana (1971 (unpublished PhD thesis, University of Edinburgh), pp xii and 69. Paul Rosenblum, The Gold Mining Industry in Ghana 1874–1910 (1912) (unpublished PhD thesis, Columbia University).
- Ibid. See also C W Newbury, British Policy Towards West Africa: Selected Documents 1875–1914 (1971), p 594.
- Ayensu, supra n 12.
- Up until 1957, Ghana was called the Gold Coast.
- Ayensu, supra n 12.
- Ibid.
- Ibid.
- Ibid.
- That optimism was to suffer a severe jolt from the Ashanti (as a region and people) in the British war of 1900. This war virtually halted organised mining activity in the region and, with the resulting fall in production, investor confidence waned. The suppression of the Yaa Asantewaa war did not result in an immediate rebound of interest. This was because a new management was put in place which changed the unsustainable and inefficient adit mining method and reinvested in new and extensive mining equipment. Dividends were therefore erratic at best, and not lucrative throughout the first decade of the 20th century.
- Ayensu, supra n 12.
- Ibid.
- Ibid.
- For a history of political changes in Ghana and their implications for the economy of Ghana, see Francis Botchway, ‘The State, Governance and the Energy Industry in Ghana’ (2000) 33 Law & Pol Afr Asia & Lat Am 179–184.
- Ayensu, supra n 12.
- Ibid.
- Ibid.
- Ibid.
- See Mining Operations (Government Participation) Decree 1972 (NRCD 132). Douglas Rimmer, Staying Poor, Ghana's Political Economy 1950–1990 (1992), p 165.
- Ayensu, supra n 12.
- For a succinct account of the impact of political changes in Ghana on mineral policy see Fui Tsikata, ‘The Vicissitudes of Mineral Policy in Ghana’ (1997) 23 Resources Policy 9–18. See also Jon Kraus, ‘The Political Economy of Stabilisation and Structural Adjustment in Ghana’ in Ghana; The Political Economy of Recovery (Donald Rothchild ed, 1991), pp 119, 122.
- Ibid.
- For a comprehensive discussion of IMF conditionality, see Asif H Qureshi, International Economic Law (1999), pp 170–226.
- The Minerals and Mining Law 1986 (PNDCL 153). The Minerals Commission Law 1986 (PNDCL 154).
- AGC Annual Report (Issues from 1987–2000).
- AGC Annual Report, 1997.
- The court action was by a group of concerned citizens of Ghana who questioned the wisdom of selling a company which was doing so well and yielding significant returns to the state.
- AGC Annual Reports, 1995–1998.
- AGC Annual Report, 1999.
- For example, the President accused the CEO of using his position at AGC to engage in criminal activity. Mr Jonah challenged the President to prove this and let the law take its course. See Joel Kibazo, ‘Ashanti Chief Fights Presidential Tax Jibes’, Financial Times, 17 Nov 1999, p 30. See also Reuters, Ashanti's Jonah Denies ‘Criminal Conduct’.
- The US$2.4 million tax paid in 1999 was meant to be a tax payment for the previous two years when no tax was paid.
- The Financial Times maintained regular reporting on the AGC hedging problems throughout September to December 1999. See Gillian O'Connor, ‘African Mining: Success Story Reaches Stalemate’, Financial Times, 15 Dec 1999; ‘Ashanti Hit By Rising Gold Prices’, Financial Times, 6 Oct 1999.
- The technical services agreement between Lommin and AGC under which Jonah served as CEO and representative of Lommin has been abrogated. The basis of Jonah's position has therefore become tenuous. See Financial Times, 28 Feb 2003.
- It can still rebuff takeover bids as it did with the rejection of the Lommin bid in 1999. With a change in government, it is already speculated that the remaining government shares would be sold.
- AGC Second Quarter Report, 1999.
- Ibid.
- Ibid.
- Ibid.
- Collins Gyasi, ‘Tension at AGC’, Graphic Online, 22 Jan 2001. Located at http://www.graphic.com.gh/dgraphic/topstories/c22.htm (visited 22 Jan 2001).
- See ‘Sam Jonah Denies Anglogold Take Over’, The Ghanaian Chronicle, 21 Feb 2003.
- Kwabena Mate, ‘Environmental Impact of Mining in Ghana: Issues and Answers’, Nat Res Forum 1992. Darimani, ‘Mining Threatens National Security’, Public Agenda, 30 Oct-5 Nov 2000. Kofi Arthur, ‘WACAM Protest Against Surface Mining’, ibid.
- Ibid.
- Associated Press, Claims of Human Rights Violations in Ghana, 21 Feb 2003. Located at www.ghanaweb.com/.
- See AGC News, June 1993 at 5–6. Amowi Sutherland, The Development of Environmental Law: The Extent of Ghana's Response to National and International Demand (unpublished LLB dissertation, University of Ghana, 1978).
- See Daily Graphic, 13 and 19 Aug 1993.
- AGC prospectus, 1994.
- F N Botchway, ‘Land Ownership and Responsibility for the Mining Environment in Ghana’ (1998) 38 Nat Res J 509–536.
- Ibid.
- Ibid.
- One analyst described the open political falling-out between Rawlings and Jonah thus: ‘make no mistake, this is going to make people very nervous about the company and Ghana. There is no reason for the company to get into a political spat with the government’, Financial Times, supra n 46.
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