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Gold Fields Ghana Wins Platinum Award   
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Gold Fields Ghana Wins Platinum Award
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Gold Fields Ghana, the country’s largest gold producer with mines in Tarkwa and Damang in the Western Region, was presented with a platinum award at the 10th Anniversary of the Ghana-Africa Business Awards, organised under the auspices of the Ministry of Foreign Affairs and Regional Integration.

The awards recognise the contributions businesses make towards Ghana’s development through the promotion of trade, investment, and other economic relations between Ghana and sister African countries.

The company was honoured for its investment promotion in the mining sector, having spent over US$2.4 billion in direct investments since it started operations. This is apart from the over US$26 million that the company has spent on the socio-economic development of its stakeholder communities. Gold Fields Ghana’s award was received by the Executive Vice President and Head of West Africa, Mr. Alfred Baku.

Mr. Baku said, “even in such a tough economic and fiscal environment, the company is still pumping over US$180 million this year into its operations in both Tarkwa and Damang. In 2013, we paid almost US$218 million in taxes and royalties to the government of Ghana. We continue to honour our legal obligations to government, and social commitment to our stakeholder communities.”

Gold Fields Ghana established a Foundation in 2004, the first to be set up by a mining company in Ghana, to serve as a vehicle for its social investment in stakeholder communities, focusing mainly on education, agriculture, health, water and sanitation, and infrastructure. For every ounce of gold produced, Gold Fields Ghana donates a dollar to the Foundation, and tops it up with an additional 0.5% of the company’s pre-tax profit.

To ensure that community development does not terminate when the mine eventually closes, the Foundation, since 2008, has been depositing 10% of its annual allocation into a posterity account, the Legacy Account. This 10% is invested in financial instruments, and is meant to be used to continue community development, only after the life of the mine.
Source: Ghanaweb.com

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