Ghana's Economic Recovery Programme and the Globalisation of Ashanti Goldfields Company Ltd

Abstract

Ashanti Goldfields Company (Ashanti) was a small gold mining company until Ghana's implementation of the economic recovery programme in 1983. Subsequently, Ashanti was transformed into a multinational gold mining company, with six producing mines in four African countries and seven major exploration projects and publicly listed on six international financial markets. The present study shows that Ashanti's globalisation derives from the combined effects of the economic recovery programme, specific government incentives and Ashanti's own business strategies. The study demonstrates how a local company in a low-income country could utilise opportunities created by government policies to profitably globalise its operations.