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Dr. Mahamadu Bawumia, the flagbearer of the New Patriotic Party (NPP), has announced plans to create a minerals development bank should he win the presidency in the upcoming December elections.
This bank would be dedicated to providing financial support for mining ventures within Ghana.
Speaking at the 3rd Annual Transformational Dialogue on Small Scale Mining in Ghana, held at the University of Energy and Natural Resources in the Bono Region, Dr. Bawumia emphasized the importance of this initiative.
He stated that the bank’s establishment would put an end to the prevalent practice of foreign mining companies exporting all their earnings.
Dr. Bawumia outlined that the minerals development bank would collaborate with key state institutions such as the Minerals Income Investment Fund (MIIF), the Precious Minerals Marketing Company (PMMC), the Bank of Ghana, the private sector, and others.
Its primary goal would be to provide financing for viable local mineral projects and reduce the dependence on foreign funding for local mining activities.
This move aims to curb the rampant smuggling of minerals after production.
