Ghana wants South African gold producer AngloGold to improve the terms of its offer for state-owned Ashanti Goldfields , a source close to the talks said on Tuesday.

The Ghanaian government has a 17 percent stake in Ashanti, including a golden share allowing it to block any takeover.

Under the deal proposed by AngloGold on May 16, Ashanti shareholders would receive 26 AngloGold shares for every 100 Ashanti shares held.