Newmont Impresses Asantehene with Philanthropic Projects

Newmont Ghana Gold Limited has won the heart of the Occupant of the Golden Stool, Otumfuo Osei Tutu II with their countless projects driven towards giving back to society through their foundation, the Newmont Ahafo Development Foundation (NADeF).

He expressed his satisfaction with the agreed projects funded through the annual contributions of Newmont Ghana Gold Limited for sustainable community development after a report was presented to him by the Board Chairman, Prof Yaw Ofosu-Kusi during a courtesy call on April 19, 2024.

The foundation was established in 2008 with the sole purpose of delivering sustainable development in the 10 Ahafo mining communities including Kenyasi No.1, Kenyasi No.2, Ntotroso, Gyedu, and Wamahinso in the Asutifi North District, and Yamfo, Susuanso, Afrisipakrom, Terchire, and Adrobaa in the Tano North Municipality.

Rendering accounts on their projects about the year 2022 at the Manhyia Palace, Prof Ofosu-Kusi said a total of GHC25,497,915 was received from Newmont for various projects.

Some of the amount was used to complete 15 projects at a cost of GHC7,511,932.66 while the year ended with four other projects valued at GMC5,739,898,72 at various stages of completion.

Meanwhile, he said the Foundation began the implementation of the revised Foundation Agreement that was signed on 22nd November 2021 with the endowment fund as of December 2021 at GHC108,595,384,00.

In 2022, he read, the Ahafo Social Responsibility Forum (ASRF) approved an allocation of 70% of the Endowment fund totalling GHC76,016,768.80 out of which an amount of GHC43,438,153.60 was allocated for cross-community projects and the remaining GHC32,578,615.20 earmarked for the completion of uncompleted community development projects.

He furthered that Newmont Ghana Gold Limited’s, contribution from inception to date stands at GHC136,122,206.47 out of which GMC76,742,096.63 has been spent/committed to projects.

“Also, 1,782 clients have benefited from the micro-credit scheme. So far GHC3,321,300.00 has been disbursed. GHC23.3 million worth of scholarships have been awarded so far to 11,659 students. In 2022, 410 Tertiary Students/Apprenticeship trainees were awarded scholarships worth GHC1,762,350.00,” he added as he acknowledged the contribution of partners such as Liebherr Ghana Limited and Africa Underground Mining Service (AUMS).

His Majesty described the report as encouraging and lauded the efforts of traditional authorities in the areas in fashioning out the beneficial agreement with the company.

“This is encouraging. The agreement between Newmont, Nananom and the relevant stakeholders has been fruitful. This drives development. The report is pleasing. All the mining areas are getting their fair share. I urge Nananom to continue to assist the company in its operation.”

“The preceding projects at Obuasi and other mining areas didn’t take this form. This will benefit the people on whose land Newmont is operating. We need to reap considerable benefits because the land is ours.”

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