Ashanti Goldfields Company Limited: Announcement Regarding Ashanti's Form 20-F For The Year Ended 31 December 2001.

Business Editors

ACCRA, Ghana--(BUSINESS WIRE)--July 19, 2002

Ashanti announced today that it expects to be able to file its Form 20-F for the year ended 31 December 2001 by 5 August 2002.

Ashanti prepares its financial statements in accordance with accounting principles generally accepted in the UK ("UK GAAP"), but is required to reconcile these statements in its U.S. filings to accounting principles generally accepted in the U.S. During the reconciliation, a technical question arose concerning the relationship between estimates of future gold prices used to test asset impairments and such estimates for purposes of a U.S. accounting standard which became effective in 2001.

Consequently, Ashanti is in discussions with its auditors concerning the appropriate application. Resolution of this matter is not expected to cause any changes to Ashanti's UK GAAP financial statements as published in its 2001 Annual Report.

This announcement contains statements relating to Ashanti that are considered "forward looking statements" as defined in the Private Securities Litigation Reform Act 1995 of the United States of America. Such statements are based on current plans, intentions and estimates and certain external factors which may be beyond the control of Ashanti and, therefore, undue reliance should not be placed on them. Forward looking statements speak only as of the date they are made, and Ashanti undertakes no obligation to update publicly any of them in light of new information or future events. These statements are subject to risks and uncertainties that could cause actual occurrences to differ materially from the forward looking statements.

This release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale or distribution of securities in any such jurisdiction in which such offer, sale or distribution is not permitted.