Gold Fields Ghana Limited has made a significant investment in local procurement, spending $4.26 billion over the past five years. This amount represents about 93 per cent of the company's procurement spending. The investment includes $2.59 billion spent with businesses in its host communities. This move is part of the company's efforts to ensure that the economic value generated by its operations is retained locally.
The company's commitment to local procurement was highlighted at the official opening of the 3rd Gold Fields Ghana Suppliers Conference held in Tarkwa. The two-day conference brought together over 300 local and international suppliers to discuss new opportunities and promote sustainable economic development beyond the mining sector. The conference was held under the theme: “Partnership for Enduring Value: Building a Resilient Supply Chain Beyond Mining.”
According to Mining Manager of Gold Fields, Kwame Appau, the company's in-country procurement reached GH¢4.7 billion from January to June this year. Of this amount, GH¢4.2 billion was directed specifically towards 124 host community suppliers. Mr. Appau was speaking on behalf of Elliot Twum, Senior Vice President and Managing Director of Gold Fields Ghana Limited.
The company's investment in local procurement has also led to the engagement and support of nearly 100 suppliers within its host communities. This move has helped to promote sustainable economic development and create enduring value beyond mining. The company's impact goes beyond just procurement figures, with over GH¢53 million directed towards socio-economic development through the Gold Fields Ghana Foundation so far this year.
One of the notable projects funded by the Gold Fields Ghana Foundation is the construction of an alternative road from New Atuabo to Bogoso Junction Highway. The multi-million cedi project was carried out by Woodbine Limited, a local contractor from the New Atuabo community. The road is expected to be handed over next month.
The Supply Chain Manager of Gold Fields, Joshua Donkor, noted that the company is committed to supporting local suppliers. He cited the example of Zen Petroleum, a wholly Ghanaian-owned company that is now listed on the Ghana Stock Exchange. The company is proud to have supported the growth of local businesses and contributed to the development of the local economy.
The Deputy CEO of Minerals Commission in charge of Support Services, Emmanuel Kwamena Anyimah, revealed that there is a bill before Parliament that will give local content real weight. The bill will establish District Mining Committees as the first point of licensing and create a medium-scale category for Ghanaian entrepreneurs. This move is expected to further promote local participation in the mining sector and create opportunities for Ghanaian businesses.
Key points
- Gold Fields Ghana Limited has invested $4.26 billion in local procurement over the past five years.
- The company's investment has led to the engagement and support of nearly 100 suppliers within its host communities.
- A new bill before Parliament aims to give local content real weight and promote local participation in the mining sector.
