AngloGold Ashanti Launches Trust Fund

AngloGold Ashanti (AGA) has announced the launch of the Obuasi and Iduapriem Community Trust Funds, which will support long-term sustainable development in the communities in which the company operates.

As part of the launch, the company donated 12 buses and 140 computers to schools in Obuasi and Iduapriem.

The Trust Funds will operate under AGA’s broad sustainability programme and be accountable to communities, government and AGA.

Community facilitators will identify community priorities, develop proposals and make funding recommendations.

A press statement from AGA explained that “Trust Funds at Obuasi and Iduapriem are required under the 2004 Stability Agreement with the Government of Ghana. Under the agreement, AGA contributes 1 percent of annual post-tax profits from Ghana operations.

“AGA has set aside this amount since the signing of the agreement, with accrued interest. Annual contributions are allocated to Obuasi and Iduapriem in proportion to the number of ounces produced at each site in that year.”

“I commend AngloGold Ashanti for their commitment to working closely with stakeholders. I am aware that the positive relationship that exists between AngloGold Ashanti Iduapriem Mine and its stakeholders has not happened without an intensive stakeholder engagement strategy on the part of the company. This is clearly a good practice which needs to be emulated,” remarked Paul Evans Aidoo, Western Regional Minister.

Fred Attakumah, Vice President Sustainability, AGA, Ghana also noted that “the Trust Funds will support on-going investments in community and economic development projects. Community development investments will support projects in areas including: social infrastructure, health, education, youth programs, arts, culture and heritage. Economic development investments will support local small and medium-sized enterprises through capacity building and facilitate access to finance to create employment.”

According to the statement, investment proposals will be evaluated using a transparent and participatory process that focuses on three criteria – namely: need, impact and contribution.

It noted that a monitoring and evaluation programme will systematically assess each funded project. Results will then be published in the Trust Fund annual reports.