The Newmont Ahafo Development Foundation (NADeF) has urged young people in the Ahafo Mines host communities to take greater advantage of its financing opportunities to establish businesses, advising that reliance on employment opportunities in the mining industry and its contracting firms cannot provide jobs for the growing youth population.
The Foundation said there was a need for young people to move beyond the pursuit of the relatively limited employment opportunities available with Newmont and its sub-contracting firms and consider productive ventures in agriculture, agro-processing, animal husbandry and other innovative businesses.
The Executive Secretary of NADeF, Elizabeth Opoku-Darko, said the Foundation had established financing mechanisms to support community members seeking to establish or expand businesses, but urged the youth to make better use of the opportunities.
She cited the experience of Jeffrey Nsia, a 40-year-old resident of Kenyasi No. 2, as an example of how access to financing could transform a small enterprise into a source of livelihood and employment.
Mr Nsia started his piggery business in 2019 with 10 pigs—two males and eight females. Although the animals multiplied, the business suffered setbacks, including theft, as he could not afford adequate security.
In 2022, NADeF granted him a GH¢350,000 loan to revive and expand the farm. Four years on, the enterprise has grown to 180 pigs, including two males and 176 females, while the number of workers has increased from two to 14, comprising eight permanent employees.
Mr Nsia said the business, although capital-intensive, had become a significant source of employment, with feed alone costing about GH¢15,000 per week.
Mrs Opoku-Darko made the call during a project inspection tour by the Board of Trustees of NADeF. The tour covered projects in five host communities, with the team inspecting investments in education, health and other social amenities.
Addressing journalists after the tour, the Chairman of the Board of Trustees, Professor Yaw Ofosu-Kusi, reaffirmed the Board’s commitment to accountability and transparency in the management of resources entrusted to the Foundation.
He said the Board would ensure that contractors engaged to execute projects in beneficiary communities delivered quality work to guarantee value for money.
“Although most of these projects are at the will of the host communities, we will ensure that contractors working on them deliver quality work to guarantee value for money,” he said.
Prof. Ofosu-Kusi also said the Board would deepen its cooperation with beneficiary communities to ensure that development interventions responded effectively to their needs and contributed to progress across the Foundation’s catchment areas.
Funding
NADeF was established in 2008 as a partnership between Newmont Ghana Gold Limited and 10 host communities in the Ahafo mining area to support sustainable socio-economic development.
The Foundation is funded through a contribution of US$1 for every ounce of gold produced by Newmont’s Ahafo operations, together with 1 percent of the mine’s annual net pre-tax profit.
Its interventions cover education, health, livelihoods and economic empowerment, infrastructure and other community development priorities. Through its livelihoods and economic empowerment programmes, NADeF provides financial support to community members to establish and expand businesses, creating alternative sources of income and employment beyond the mining industry. Prof. Ofosu-Kusi expressed gratitude to partners and stakeholders for their support in helping NADeF achieve its development objectives and contribute to national development
