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Business News of Thursday, 14 June 2018


Newmont Foundation spends GHc 4.4m on projects

The Newmont Ahafo Development Foundation (NADeF) in 2017 spent about GHc 4.4million on the construction of over ten different infrastructure and social amenities.

The ten new infrastructural projects included maternity wards at Terchire and Adrobaa, a service centre at Susuanso and a hostel facility at Gyedu ICCESS.

This brings the total number of infrastructure and social amenities projects executed in the mine’s catchment area since the inception of the Foundation in 2008 to 115.

These initiatives are in line with NADeF’s continued implementation of strategic projects that will economically empower the Ahafo Mine host communities to promote wealth-creation and self-reliance.

Again in 2017, NADeF spent GHc 1.3million on human resource development. The money was channelled into scholarships for over 704 beneficiaries in tertiary and senior high institutions as well as pre-job trainees. This brings the total number of scholarship beneficiaries to approximately 8,804 at a cost of GHc13.7million.

Addressing the 2017 Annual General Meeting of the Foundation, Monica Nkrumah, Chairperson-NADeF Board of Trustees, said the Foundation under its Quality Improvement in Basic Schools (QUIBS) project, among others, distributed 9,600 English reading books to 58 primary schools. Education enhancement clinics were also organised for 1,085 candidates for the 2017 BECE, she added.

The Foundation, she noted, was faced with a sharp decline in funding from Newmont as a result of a reduction in gold production and price, coupled with high operating cost. “NADeF is still exploring more opportunities and strategic partnerships that will support the Foundation’s sustainability to bring positive impacts to the Ahafo Mine Community.”

The Foundation is funded through an annual contribution from Newmont comprising US$1 per ounce of gold production and 1% of the annual net pre-tax profit from the Ahafo Mine. The approximated contribution into the Foundation as at the fourth quarter of 2017 stood at GHc 58.3million.

NADeF operates in ten Ahafo Mine communities: Kenyasi No.1, Kenyasi No.2, Ntotroso, Gyedu, and Wamahinso. The rest are Yamfo, Susuanso, Afrisipakrom, Terchire and Adrobaa.