My gov’t will establish minerals development bank if I become president – Bawumia

Flagbearer of the New Patriotic Party (NPP), Dr. Mahamadu Bawumia, has disclosed plans to establish a minerals development bank should he be elected president in the upcoming December polls.

Dr. Bawumia outlined the rationale behind the initiative during the 3rd Annual Transformational Dialogue on Small Scale Mining held at the University of Energy and Natural Resources in the Bono Region.

He emphasised the significance of providing financial support for mining projects within the country.

Dr. Bawumia stated: "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."

The proposed minerals development bank aims to channel finances into local mineral projects, thereby reducing the reliance on foreign financing and subsequently curbing the smuggling of mineral produce.

—classfmonline