Beneficiaries of the Newmont Ahafo Development Foundation’s (NADeF) micro-credit scheme are urging for greater financial support as they report significant business growth fueled by the initiative.
The low-interest credit program, which offers loans at a competitive rate of 5% per annum, has bolstered working capital and operational capabilities for many entrepreneurs in the Ahafo mining communities.
During a recent inspection tour, NADeF Board of Trustees members visited several beneficiary communities, including Adrobaa, Terchire, Susuanso, and Yamfo. They engaged with various entrepreneurs, such as Anaa Agnes, who runs a provisions shop; Adusei Nana Brempong, a chemical seller; and Asare Kwadwo Stephen, who deals in building materials.
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Madam Esther Yeboah, a chop bar operator, expressed gratitude for the credit support she received, highlighting its pivotal role in the growth of her business.
She commended the low interest rate, noting it significantly undercuts those offered by many commercial banks and lending institutions in the region. Despite the positive impacts, she called on the foundation to increase financing amounts to enable beneficiaries to further expand their enterprises.
NADeF’s micro-credit initiative is part of a larger economic empowerment program aimed at promoting entrepreneurship and supporting small and medium-sized enterprises within host communities of Newmont Ghana. This initiative particularly targets women, youth, and small business operators, who often encounter challenges in accessing financing from mainstream financial institutions.
During the inspection, the Board also evaluated the progress of various infrastructure and community development projects funded by NADeF. In Adrobaa, they examined the construction of a two-storey dormitory block for the local technical institute and the renovation of facilities for the school. In Terchire, the board assessed renovation efforts on a six-unit classroom block for the Roman Catholic Basic School and the construction of a two-storey palace for the local chief.
The team also visited Susuanso to review ongoing upgrades to town roads, which include grading, drainage construction, and stone pitching aimed at enhancing community accessibility. Additionally, they inspected two Information and Communication Technology laboratories, one of which is designated for the local Presbyterian Primary School, and plumbing works at the Susuanso Palace.
Established in 2008, NADeF is the primary community development arm of Newmont Ghana Gold Limited, funded by annual contributions equivalent to one dollar for every ounce of gold produced and one percent of the mine’s net pre-tax profit.
