How Goldman Sachs screwed Ghana by bankrupting Ashanti

How Goldman Sachs screwed Ghana by bankrupting Ashanti

Submitted by cpowell on Thu, 2010-04-22 01:29. Section: Daily Dispatches

9:25p ET Wednesday, April 21, 2010

Dear Friend of GATA and Gold:

A news site sponsored by the government of Ghana today tells an old story but tells it well. It's headlined "How Goldman Sachs Screwed Ghana" and it describes how the New York investment bank miscounseled the great Ghanian gold mining company, Ashanti Gold, into huge hedges at the bottom of the gold market in 1999 just a few weeks before the Western European central banks announced, via the so-called Washington Agreement, that they would curtail their gold sales and leases, spiking the gold price. Then Goldman Sachs helped Ashanti's South African rival, AngloGold, acquire the Ghanian company at a distress price, impoverishing its shareholders. The authorship of the essay isn't clear but let's see if Goldman Sachs files suit for libel in Accra. You can find the essay at GhanaWeb here:

http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=180487

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.