COMPANY MEETING
ASHANTI GOLDFIELDS COR PORATION
IMPROVED PROSPECTS UNDER NEW REGIME
THE 69th annual general meeting of Ashanti Gold- fields Corporation Limited was held on March 30 in London.
Major-General Sir Edward L. Spears. Bart. K.B.E.. C.B.. M.C. (the Chairman), in the course of his speech gave Shareholder, his impressions of Ghana. following his recent visit to the Mine.
Sir Edward said that during a most satisfactory talk on March 3rd with General Ankrah, the leader of the new Government. he was left in no doubt that the General was fully aware of the importance of the Corporation to Ghana.
General Ankrah had assured him that as soon as possible the minimum requirements of the Mine would be met.
Sir Edward continued: Negotiations between our financial adviser, and the Governor of the Bank were begun in Accra on March 3rd, only one week after the new regime took over.
The 08.424 due to us since November has been paid. and our import licences have been issued with- out restriction. The agreement that has been reached will. I hope. mean that we shall obtain the Sterling we need to keep the Mine in full production.
Having given Shareholders that hopeful picture of the improved prospects for the Corporation under the new regime. Sir Edward reported that profit be- fore tax was [2,102.374. The total amount of tax paid to Ghana was f1,974363. and, in addition, £46.416 had been paid in U.K. tax.
The Chairman said that he was not unhopeful that when the present very grave financial crisis in Ghana was resolved. the National Liberation Coun- cil would he responsive to an approach from the Corporation to reduce taxation to a reasonable level.
If tax relief was obtained. the Corporation would be able gradually to increase production and profits.
The report was adopted.
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