- Dr. Bawumia plans to establish a minerals development bank
- The proposed minerals development bank seeks to address the issue of profit repatriation
- Dr. Bawumia's initiative emphasizes collaboration with key state institutions
Dr. Mahamadu Bawumia, the presidential candidate of the New Patriotic Party (NPP), has unveiled intentions to set up a minerals development bank should he win the upcoming December elections.
The proposed establishment of this bank, according to Dr. Bawumia, is geared towards providing financial support for mining ventures within the country.
Speaking during 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 emphasized that the primary aim of this initiative is to put an end to the prevalent practice where foreign mining companies repatriate all their profits out of the country.
He outlined, “In collaboration with key state institutions such as MIIF, PMMC, the Bank of Ghana, the private sector, and others, we aim to institute a minerals development bank. This bank will facilitate funding for viable local mineral projects and reduce reliance on foreign financing for domestic mining endeavors, thus curbing the subsequent smuggling of mineral produce.”
Dr. Bawumia’s proposal underscores his commitment to fostering sustainable development within Ghana’s mining sector and promoting the retention of revenue generated from mineral resources within the country.
