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Ghana

Yearbook 1999

Ghana. According to Countryaah official website, the nation was shaken when the mainstay of the country's economy, Ashanti Goldfields, suffered an acute economic crisis and risked being bought by the British mining company Lonmin. Ashanti Goldfields, one of Africa's largest companies and 20% owned by the Ghanaian state, lost hundreds of millions of dollars on failed speculation in the price of gold. When the price dropped during the summer, the company sold its future production at a fixed price to guard against continued fall. Instead, the gold price rose by more than 15% in September. The company already had a debt of $ 270 million to 17 banks. Ashanti Goldfields was given a three-year deadline in October with debt restructuring.

1999 Ghana

For the government, Ashanti Goldfield's crisis and projections of generally deteriorating government finances came at the most inconvenient before the 2000 parliamentary elections, when the National Democratic Congress party (NDC) will try to retain power without its leader Jerry Rawlings, who according to the constitution has to leave the presidential post. In the countdown to the election, the NDC split when a faction broke out and formed the National Reform Party.

King Opoku Ware II of Ashanti, one of Africa's most culturally prominent traditional kingdoms, passed away in February. He was succeeded by businessman Barima Kweku Duah, who adopted the royal name Osei Tutu II.

 
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