Accra, Ghana (PANA) - Ghana's minister of finance, Kwame Peprah has resigned with immediate effect as chairman of the Board of Directors of the troubled multi-national gold mining company, Ashanti Goldfields Company.

In a letter to the board released to the press Saturday, Peprah said due to the pressures of implementing the challenging targets set out in the 2000 budget, he finds himself unable to effectively continue as chairman and director of the company.

"I am therefore, tendering my resignation as chairman and member of the board, effective 11 February, 2000.

The company had been in deep trouble since 1999 when its hedging policy backfired, causing creditors to move on it.

But many crisis meetings in Accra and London failed to bail it out.

Government owns 20 percent and a golden share in the company, which for many years was the largest foreign exchange earner for Ghana.

Its share value has plunged from an offer price of 20 dollars in 1994 to 2.87 dollars 7 February, 2000.

Four shareholders sued it and obtained a court ruling asking shareholders to replace the board of directors.