Business News of 2014-06-22

Newmont earmarks GH¢2.58m toward community dev’t

The Newmont Ahafo Development Foundation (NADeF) has earmarked GH¢2,580,248 toward the development of Gyedu, a mining community within the Ahafo Project of Newmont Ghana Gold Limited at Kenyasi in the Asutifi North District of Brong-Ahafo.

The amount is meant for the provision of social facilities, infrastructure and other human resource development in the community with a population of more than 8,000 people, who are mainly farmers.

Mr. Joseph Danso, Executive Secretary of NADeF, disclosed this when he inaugurated three projects constructed by the foundation at a cost of GH¢225,215 at Gyedu.

The projects are: an Information Communication Centre (ICT) for the local D/A primary school; Community Information centre; an office complex for the Community’s Sustainable Development Committee; and a records department at the Gyedu Health Centre.

Mr. Danso explained that over the years, NADeF has built a stronger foundation of respect, stewardship, participation, inclusiveness and transparency in ensuring that the Newmont Ahafo mining communities achieve prosperity and self-reliance.

He said the participation of various stakeholders such as the traditional authorities, District Assemblies, Departments and Agencies, youth groups, women, civil society organisations and other development partners in the implementation and streamlining of NADeF activities has facilitated growth of the Foundation.

Mr. Danso stated that the Foundation committed 24 percent of its total funds to human resource development, whereby GH¢5,306,073 worth of scholarships have been awarded to 4,986 Senior High School and tertiary students, as well as 499 apprentices in all the 10 mining communities.

Mr. Richard Kwasi Henneh, Asutifi District Director of Health, thanked Newmont for adhering to its social responsibility programme. “Since health data or information plays a pivotal role in the provision of health care, the construction of the records department was essential.

He enumerated a number of challenges facing the centre -- such as lack of staff accommodation, a laboratory unit, additional consulting room and a generator, and appealed to the Foundation for support.

NADeF was established in 2008 by NGGL as a mechanism to manage the company's sustainable community development commitment to its 10 host communities.

The Foundation is funded by the mine based on contributions from one dollar for every ounce of gold sold and one percent of net pre-tax profit.

Currently, Newmont's contribution to the Foundation stands at GH¢29.7million.