Gold Fields Ghana Foundation About Gold Fields Ghana Foundation
In 2002, Gold Fields Ghana established the Community Development Fund to help finance development initiatives, projects and programmes in the host communities of the Tarkwa and Damang mines. In 2004, the fund was officially registered as the Gold Fields Ghana Foundation.
The Foundation has a formalised governance structure and funding mechanism. It is the first foundation to be set up by a mining company in Ghana. The Foundation focuses on five key areas, namely: education, health, water and sanitation, agriculture and infrastructure.
The Foundation has a seven-member Board of Trustees made up of the General Managers of the Tarkwa and Damang mines, the Chief Executive Officer of the Ghana Chamber of Mines, a representative of the Gold Fields Board, members of Parliament for the Tarkwa-Nsuaem and Prestea Huni-Valley constituencies, and the Executive Vice President and Head of Gold Fields West Africa, who is also the chair of the Foundation’s Board.
The Board meets every quarter to review projects and programmes, as well as approve the Foundation’s budget and expenditure. The financial accounts of the Foundation are audited annually by an independent financial auditor.
Funding for the Foundation is primarily through contributions from the Tarkwa and Damang mines, based on their production profitability. For every ounce of gold produced by the mines, one US dollar is donated to the Foundation, in addition to 1.5% of the mines’ profits before tax (US$1/oz plus 1.5% of pre-tax profit). This is an agreed funding formula, which ensures that the developmental needs of the host communities are directly tied to those of the mines. The Foundation has invested over US$90.8m in development projects and programmes since 2004.