The MDF was established by Act, Act 912 passed by Parliament in March, 2016 to provide a more reliant and predictable source of funding development initiatives in mining communities. The mandate of the Fund is to provide “financial resources for the direct benefit of mining communities, a holder of an interest in land within mining communities, a traditional and local government authority within mining communities and an institution responsible for the development of mining in Ghana.
To provide financial resources for direct benefit of mining community, traditional and local authorities, a holder of interest in land and an institution responsible for the development of mining.
To become a trustworthy Public Mining and Minerals Development Fund.
The broad aim of the Fund is to provide financial support to mining institutions and communities for sustainable development.
PURPOSE OF MDF ESTABLISHMENT
According to Section 3 of the MDF Act, ACT 912 (2016), for the purpose of achieving the object of the Fund, moneys for the Fund shall be applied to relevant activities that the board may determine to:
(a) Redress the harmful effects of mining on affected communities and persons
(b) Promote local economic development projects and alternative livelihood projects in communities affected by mining activities;
(c) Undertake minerals related research and development of capacity in human resource for mining institutions and institutions that train manpower for the regulatory institutions;
(d) Undertake projects aimed at promoting the mining sector; and
(e) Support the policy planning, evaluation and monitoring functions of the Ministry in respect of mining related activities