Partially privatized gold producer Ashanti Goldfields of Ghana dominates economic activity on Accra’s fledgling stock exchange, according to figures released by a senior exchange official in Accra.
As of Jan. 30, Ashanti shares represented just under 90% of the total value of shares listed, the official said. Their value was 1,790 billion cedis (US$1.7 billion), which compares with 1,997 billion cedis (US$1.9 billion) for all the shares listed on the exchange, Agence France Presse reports. Shares of another 16 companies provide the rest. Standard Chartered Bank is the second most important, with 83.7 billion cedis (US$79.7 million) or 4.19% of the total exchange value. Unilever is third, with 50 billion cedis (US$47.6 million) or 2.5% of the total exchange value.
Ashton’s partial floatation on the London and Accra stock exchanges last year was considered a major test of confidence in Ghana’s emerging free-market economy.
The Ghanaian government and the U.K.-based Lonrho Group retain stakes of roughly 30% and 45%, respectively, in the company.
The precious metal is Ghana’s top export, accounting for US$548.6 million (or 45.2%) of export earnings in 1994, according to government figures. The Accra stock exchange began trading in November, 1990.
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