Bawumia proposes minerals development bank to boost local mining
Dr. Mahamudu Bawumia
Dr. Mahamadu Bawumia, the New Patriotic Party's flagbearer, has revealed intentions to institute a minerals development bank should he secure the presidency in the upcoming December elections.
Read full articleThe proposed initiative aims to provide financial support for mining ventures within the country.
During his address at the 3rd Annual Transformational Dialogue on Small Scale Mining in Ghana, hosted at the University of Energy and Natural Resources in the Bono Region, Dr. Bawumia emphasized that the establishment of such a bank would curtail the prevalent practice of foreign mining companies exporting all their earnings.
"In collaboration with key state institutions like MIIF, PMMC, the Bank of Ghana, the private sector, and others, we aspire to create a minerals development bank. This bank's objective would be to fund viable local mineral projects and mitigate the reliance on foreign financing for local mining endeavors, which often leads to substantial smuggling of the produced minerals thereafter," Dr. Bawumia said.
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