How Goldman Sachs Sc***ed Ghana
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How Goldman Sachs Sc***ed Ghana
Goldman Sachs, the global financial institution, with fraud allegations levied against it has a long history of setting up its clients for a fall…and making handsome profits.
This is a story of how this global investment banking and securities firm sc***ed Ghana.
In 1998, Ashanti Gold was the 3rd largest Gold Mining company in the world. The first “black” company on the London Stock Exchange, Ashanti had just purchased the Geita mine in Tanzania, positioning Ashanti to become even larger. But in May 1999, the Treasury of the United Kingdom decided to sell off 415 tons of its gold reserves. With all that gold flooding the world market, the price of gold began to decline. By August 1999, the price of gold had fallen to $252/ounce, the lowest it had been in 20 years.
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