Dr. Mahamadu Bawumia
In a move to boost the mining sector in Ghana, the flagbearer of the New Patriotic Party (NPP), Dr. Mahamadu Bawumia, has announced plans to establish a minerals development bank if he is elected president in the upcoming December polls.
Speaking at the 3rd Annual Transformational Dialogue on Small Scale Mining in Ghana at the University of Energy and Natural Resources in the Bono Region, Dr. Bawumia stated that the proposed bank will provide finances for mining projects in the country.
“We also want to, as I said, in collaboration with the relevant state institutions like MIIF, PMMC, the Bank of Ghana, the private sector and others, we want to establish a minerals development bank to finance viable local mineral projects and to mitigate foreign financing of local mining projects, which leads to heavy smuggling of the produce afterwards,” he explained.
According to Dr. Bawumia, the move is aimed at ending the practice of foreign mining companies exporting all their earnings, which has been a concern for the government and the mining industry.
The establishment of the minerals development bank is expected to provide the much-needed financial support for local mining projects and help address the issue of foreign dominance in the sector.
If elected president, Dr. Bawumia’s administration will work closely with relevant state institutions and the private sector to ensure the successful implementation of this policy, which is seen as a game-changer for the mining industry in Ghana.
By Vincent Kubi