Bawumia vows to establish Minerals Development Bank when elected president

New Patriotic Party (NPP) flag bearer Dr. Mahamadu Bawumia has promised to establish a Mineral Development Bank, if elected president in the upcoming December elections.

According to him, this initiative is prepared to revolutionize the financial panorama of mining companies in the country.

Addressing attendees at the third Annual Transformation Dialogue on Small Scale Mining in Ghana, hosted at the University of Energy and Natural Resources in Bono Region, Dr Bawumia articulated the core objective behind the proposed minerals development bank .

He stated that the Bank would provide essential financial support for mining projects across the country.

A central element of this vision is the cessation of the long-standing practice of foreign mining corporations repatriating their entire profits, a dynamic that the implementation of this policy is intended to correct.

Advocating the establishment of a mineral development bank, Dr. Bawumia added that it will drive a paradigm shift in Ghana’s mining sector, fostering an enabling environment for sustainable growth and equitable economic participation.

“We also want, as I said, in collaboration with the relevant state institutions such as MIIF, PMMC, the Bank of Ghana, the private sector and others, we want to establish a mineral development bank to finance viable local mineral projects and mitigate foreign financing of projects local miners, which subsequently causes a strong smuggling of products,” he stated.

DISCLAIMER: The views, comments, opinions, contributions and statements made by readers and contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.