Newmont raises $12 million from Ahafo Development Fund
8/31/2012 2:30:09 PM -
As part of their efforts to ensure positive impact on the lives of people at the Ahafo mining project, Newmont Ghana Gold Limited has raised over $12 million in the Newmont Ahafo Development Fund since its inception in 2006.
The Newmont Ahafo Development Fund which was launched in 2008, as a vehicle to manage and implement the company's sustainable community development commitment to its ten host communities such Kenyase-One and Two, Ntotroso among others, in Asutifi District.
The company committed to set aside $1 per ounce of gold sold and 1% net profit from the Ahafo mines into a fund.
Speaking in an interview with Adom news, Communications Manager for the Ahafo Project Agbeko Kwame Azumah explained, the Foundation received approximately $8.25 million from the Ahafo mines within the first quarter of 2012.
Agbeko said in line with the terms of the Ahafo social responsibility agreement, 24% of the fund went into human resources development, in which over 2,000 students have benefited from scholarship packages from primary to tertiary levels.
The communication manager further explained that 23% of the fund also went into infrastructure development, 18% to social amenities, 17% to economic empowerment, 12% for natural resources protection and 6% to cultural heritage and sports.
He said out of the 17% economic empowerment component of the fund, a microcredit scheme has been set up with a seed capital of Ghc75, 000.
The microcredit he said is a revolving fund and members who contribute to it are eligible to source credit from it.