Newmont raises $12 million from Ahafo Development Fund

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.