The management of Newmont Ghana and the Ghana Mineworkers Union (GMWU) have announced reaching settlement on labour issues.

The announcement follows a Memorandum of Understanding (MOU) the two parties agreed to among others, Newmont’s decision to embark on planned reduction in workforce.

Employees of the multinational firm had been engaging each other at the National labour Commission (NLC) over the move but they later requested temporal suspension of the arbitration process, to enable them find a mutually acceptable outcome.

A joint statement issued Thursday September 11, 2014 and signed by GMWU’s General Secretary - Prince Ankrah and Newmont Ghana’s Pascal Kanbonnabah - Regional Vice President, Human Resources said, the parties have agreed that Newmont proceeds with its reduction in workforce in September while impacted employees be paid the difference in compensation that may arise from the salary negotiations for the remaining force.

According to the statement: “All outstanding matters currently pending at the National Labour Commission will be discussed and resolved within the context of a revived partnership”.

“Together we will communicate the MOU to the panel of arbitrators, instituted by the National Labour Commission, for adoption into an arbitral award,” GMWU’s General Secretary - Prince Ankrah and Newmont Ghana’s Pascal Kanbonnabah - Regional Vice President, Human Resources stated in a joint media statement. “We applaud the negotiating teams of Newmont Ghana and the GMWU for committing to collaboration and positive dialogue that has typically existed between both parties.”

Both parties reportedly reiterated their commitment to fostering a mutually beneficial partnership and working together to revitalize the Ahafo Mine and set it on course for long-term sustainability, future growth opportunities and shared value.

“It is important we arrive at mutually acceptable outcomes in the interest of the long-term sustainability of Newmont Ghana’s operations,” Ankrah and Kanbonnabah added.