Newmont Ahafo Foundation accrues GH¢60.8m for community development

Newmont Ghana Gold Limited (NGGL) has in the last ten years released GH¢60.8million to its Ahafo Mine’s corporate social responsibility arm – Newmont Ahafo Development Foundation (NADeF).

Of the amount, the Foundation has committed GH¢52million to different sustainable development initiatives in the ten host communities of the Ahafo area, encompassing operational cost as well. A total of GH¢8.8million has also been invested into an endowment fund; to date, the endowment fund has soared significantly to GH¢60.6million.

NADeF, established in 2018, is funded by proceeds from the Newmont Ahafo Mine with 1% annual net profit and US$1 for every ounce of gold sold from the mine. The ten beneficiary mine communities are Kenyasi No.1, Kenyasi No.2, Ntotroso, Gyedu and Wamahinso in the Asutifi North district. The rest are Yamfo, Susuanso, Afrisipakrom, Terchire and Adrobaa in the Tano North Municipality.

Addressing a forum held at Ntotroso to climax the tenth anniversary celebrations, Monica Nkrumah – Board Chairperson of NADeF, said 24% of its total funds is channeled into human resource development, as a total of 8,120 beneficiaries (SHS & tertiary students as well as apprentices) have received scholarships.

The Foundation, among others, has also facilitated the construction of about 115 infrastructural projects across the area – such as health facilities, schools, and water and sanitation facilities. Key among the projects are the Ntotroso College of Nursing and Yamfo College of Health.

The Board Chairperson touted a ‘stronger community participation and ownership’ as well as an independent governance structure that highlights broader involvement of all relevant stakeholders as key elements in its success equation. “Over the past ten years, NADeF has been built on a solid foundation and principles of integrity, respect, stewardship, participation, inclusiveness and transparency to ensure community prosperity and self-reliance.”

She said NADeF in the next five years will focus on developing sustainable legacies by creating jobs and investing in projects that will give returns to the communities, adding: “Based on our success stories, we hope to receive more funds from philanthropists and other development agencies”.

On his part, Joseph Danso, Social Responsibility Manager-Newmont Ahafo Mine, said the Foundation has made Newmont’s footprints in the Ahafo area very promising. He indicated that the company’s Subinka underground project is close to commercial production, while its mill expansion project is also progressing steadily.

These projects, he noted, will increase the Ahafo Mine’s production profile – which will eventually generate more contributions into the Foundation to scale-up community development in the mining enclave. Mr. Danso added that the Ahafo North project also has the potential of being developed into an operational mine in the coming years. This, he stated, will further consolidate the gains of NADeF.

Delivering a lecture on the theme ‘NADeF@10: Celebrating Achievements and Developing Sustainable Legacies’, a former Vice-Chancellor of the University of Mines and Technology (UMAT), Prof. Daniel Mireku-Gyimah, identified ‘low commitment’ of the two host Municipal and District Assemblies to operate and maintain community development projects and infrastructure as a threat to the Foundation’s development drive. He also urged the ten communities to embrace cross-community projects for big-ticket initiatives.

The Paramount Chief of Ntotroso, Barima Twireko Ampem III, prayed Newmont to review its contributions to the Foundation as the economic dynamics in the country have evolved in the last ten years, hence the need to increase the money to commensurate economic changes.

Thebftonline.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here