Bawumia to establish minerals development bank if elected president
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 2024 December polls.
Dr. Bawumia says the move aims to provide finance for mining projects in the country.
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 said the practice of foreign mining companies exporting all their earnings would end when the policy is implemented.
“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 objective of a mineral bank is to acquire mineral properties for discounted prices and hold those assets until the capital markets for mining improve.
The mineral bank stores mineral assets on behalf of clients under safekeeping receipt.
The big advantage for all mineral holders is that all the percentages are published; this eliminates corruption and middlemen.
Dr Mahamudu Bawumia embarked on a nationwide presidential campaign on Monday, April 29, starting from the Eastern Region and touring all 16 regions in a month.