Ashanti Announces Senior Management Changes

Dec. 12, 2003--Ashanti Goldfields Company Limited regrets to announce that Mr Trevor Stanley Schultz, the Chief Operating Officer and Mrs Eleanor Darkwa Ofori Atta, Executive Director - Corporate Relations formally retire from the Company on 31 December 2003 and both would step down as directors of the Company with effect from that date. Ashanti wishes them a healthy and happy retirement.

On the operations front, Mr Daniel Monney Akwafo Owiredu has been appointed as the Acting Chief Operating Officer with effect from 1 January 2004.

Mr Owiredu, 46, is a mechanical engineer by profession with nineteen years' experience in the mining sector. He joined Ashanti in 1984 and has since served in various senior roles at Ashanti's Obuasi, Bibiani and Siguiri operations. In particular, he was instrumental in the setting up of Obuasi's BIOX(R) plant (currently the world's largest) from design to commissioning. He project-managed the Bibiani operation from greenfield through design, construction and commissioning and was later appointed its Managing Director from 1998 till early 2002, when he rotated to Siguiri as managing director. In July 2002, he was appointed Managing Director of Obuasi/Ayanfuri operations.

Daniel holds a BSC degree in Mechanical Engineering from the Kwame Nkrumah University of Science & Technology in Ghana and an MBA degree from Strathclyde Business School in Scotland, UK.

Ashanti's board and management wish to congratulate and welcome Daniel to this new role.