Ashanti Announces Board Changes

Ashanti Goldfields Company Limited (``Ashanti'' or the ``Company'') is pleased to announce the appointment of Theophilus Ernest Anin, as a director of the Company with immediate effect.

Anin is a professional banker and solicitor with over thirty years' experience in banking, financial management, analysis and consulting in the public and private sectors. He was until December 2000 the founder, Chief Executive Officer and Chairman of the Board of Directors of City Savings and Loans Company Limited in Ghana. He is currently a director of the Bank of Ghana.

Anin is a graduate of Cambridge University, UK and has been a Solicitor of the Supreme Court of England since October 1959 and also a Fellow of the Institute of Bankers since September 1978.

Save as set out in this announcement, Ashanti has not received any other information on Anin to be disclosed under paragraph 16.4 of the Listing Rules of the UK Listing Authority.

Ashanti also announces with regret that Alex Ashiabor has informed the Board of Directors today that, for personal reasons, he is stepping down as a non-executive director of the Company with effect from 31 July 2001.

Ashanti welcomes Anin to the Board and wishes Ashiabor well in his future endeavours.

A copy of this release is available at http://www.ashantigold.com/releases.htm.