An innocent discovery that lead to serious concerns

Hi

I am Kwabena Bomfeh Jnr, a second year IT student at the University of the Cape Coast, Ghana. For me and my fellow IT students it is second nature to surf the Internet.

When the battle for Ashanti started heating up, I one day decided to inform myself a bit better, and did a few searches on Anglo and on Randgold. It was then that I stumbled on an issue that was never part of the debate. The issue of social and environmental responsibility and accountability by the bidders.

When I read the articles by Peter Sinkamba, Friends of the Earth and Ed Fagan (and a few more), I became concerned.

Is it true that in a market economy the interests of the corporate body and its owners should be the only concern when it comes to matters of who should become the new "master" of the corporate body? Or put it this way:

If you have the option to work for one of two masters, and both masters are willing and able to foot the salary bill but one master has a known record of historical irresponsibility and unfair manipulation, which master will you choose?

I, as citizen of Ghana, chooses the master with a good track record.

After having studied the cases as put forward by the two parties, I could not help but to come to the conclusion that both of them qualify to become a worthwhile partner of Ashanti Goldfields in terms of management expertise and the ability to fund the developments required by Ashanti Goldfields.

But my case is not about a choice between Anglo and Randgold. In fact, I would have loved to see more bidders involved. My case is about the disqualification of Anglo through its past and current practices of irresponsibility and unfair manipulation. In the words of Peter Sinkamba:

"With lessons from Zambia, it is important to have facts put onto the table, especially that the Board of AGC and the biggest shareholder, Lonmin, has approved and recommends AngloGold's bid for immediate gains i.e. cash in quickly and not in the interest of  future generations. From lessons in Zambia, it is imperative for stakeholders to challenge such selfish interests.

It is important that the Government of Ghana who essentially is a key shareholder - since the approval of the Board's recommendation lies with government and on top of that they hold a golden share which entitles them to veto any decision - is given an opportunity to hear both the good and ugly sides of the bidders so that they make an informed decision."

The detail of how I went about getting Peter Sinkamba to Ghana is not really relevant. What is relevant is that I got him here. And that I managed to reach individuals who shared my concerns - not only in Ghana but internationally - and who were prepared to help with preparations and of course with funding Peter's visit.

Thanks to all of you!

Kwabena Bomfeh Jnr.

ashantiforghana@yahoo.co.uk

www.angelfire/nb2/ashantiforghana

Tel: +233-24-53 5472

Send mail to ashantiforghana@yahoo.co.uk
Last modified: 10/28/03