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Celebrating academic independence: Newmont invests GHS58.5 million in Scholarships

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The story of Ghana’s independence is incomplete without the strategic investment in the capacity of the human resources. This can be achieved through meaningful partnerships between stakeholders in government, private sector, traditional leaders, and communities through the transformation of minds, lives and communities.

Responsible mining practices have been a valuable avenue for investment in human capacity building and community development in Ghana. By prioritizing the well-being of communities living near mining operations, mining companies can foster positive relationships and improve the quality of life for local residents.

Newmont’s Corporate Social Responsibilities and Social Investments is driven through its community development vehicle at its Ahafo and Akyem operations which aims to enhance the socioeconomic well-being of local communities in education and capacity building, health and economic development. By investing in these areas, Newmont is able to positively impact the livelihoods of those living near their mining operations and promote a more sustainable future for all. Through an impressive collaboration with key stakeholders and the host communities, the foundations are reshaping destinies, fostering growth, and kindling hope in the hearts of countless individuals in Ghana.

Newmont’s development foundations in Ahafo and Akyem are funded solely by Newmont with a contribution of $1 per ounce of gold sold and 1 per cent of pre-tax profit. In 2023, these foundations collectively made a significant impact on education within the host communities by awarding 2,428 scholarships worth over GHS 14 million.

The foundation in Ahafo granted a total of 1,199 scholarships that year. Out of this number, 105 training grants were allocated to apprentices, emphasizing the foundations’ commitment to supporting local skills development, while 1,094 scholarships were allocated to youth pursuing tertiary education.

Similarly, the foundation in Akyem provided a total of 1,229 scholarships across various educational levels in 2023. The joint efforts of the two foundations in Ahafo and Akyem underscores Newmont’s dedication to fostering academic growth and providing financial assistance to students at different stages of their educational journey.

Newmont set up its first foundation in Ahafo in 2008 and extended this initiative to Akyem in 2014. Over the years, these foundations have awarded a combined total of 18,037 scholarships, valued at approximately GHS 58.5 million. Out of this number, 44.4% of the beneficiaries are female, emphasizing the increasing focus on gender parity in educational opportunities. The scholarship supported students to pursue courses like Mine Engineering, Metallurgy, Medicine and Education.

This commitment is transforming the lives of countless individuals, proving that these foundations are not just entities but beacons of hope illuminating the path towards a brighter tomorrow. The impact of these scholarships goes beyond numbers, touching the lives of young students who may have otherwise faced obstacles in pursuing their dreams.

Gideon Kusi and Wendy Achiaa are testaments to this.
“Coming from a humble background, I had no hope after Junior High School (JHS) and worked as a spare parts dealer at Suame Magazine. But Newmont’s foundation in Ahafo changed my life by giving me a scholarship to attend Senior High School (SHS) in 2008. After high school, the foundation also fully funded my tertiary education, which enabled me to study for a Bachelor’s degree in Education at Berekum College of Education in 2019. I am thankful for their support and advice. I urge everyone in the mine’s host communities to work hard, be determined and persevere, because Newmont offers many opportunities for those who are willing.” Gideon said.

Wendy, a Geomatic Engineering graduate from the University of Mines and Technology, Tarkwa is full of praise for the foundation as it has contributed to shaping her future.

“The Newmont scholarship significantly eased my financial burden, enabling me to pursue my desired course. It served as a crucial stepping stone towards my career, relieving pressure on my parents.” Wendy asserted.

There are many of such profound stories from beneficiaries who are living proof of the transformative power of Newmont’s foundations in breaking barriers and shaping the future of communities.

Newmont’s dedication to education and capacity building reflects its sustainability value that
is, serving as a catalyst for local economic development in ways that matter. Through scholarships, the company aims to unlock the doors of opportunities, ensuring a brighter future for individuals and a thriving legacy for our host communities.

These two foundations are not only investing in education; they are creating value and improving lives through sustainable and responsible mining.

As Ghana celebrates its 67th independence anniversary, may we continue to see such progressive partnerships that are transformational.

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