Vice President Dr. Mahamudu Bawumia, the flagbearer and leader of the ruling New Patriotic Party (NPP), has declared his plans to create a Minerals Development Bank.
Dr. Bawumia stated that the establishment of the minerals bank will take place once he assumes the role of President after the upcoming December Presidential and Parliamentary elections. He emphasized that this initiative is a Bawumia-led governmental project designed to offer financial assistance to mining ventures in the nation.
The Vice President revealed his intentions during 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 highlighted the necessity of setting up a Minerals bank, emphasizing that it would discourage foreign mining companies from exporting all their profits.
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 afterward.
Dr. Bawumia, the Vice President, highlighted the significant financial resources that Ghana loses to foreign mining companies due to the lack of necessary infrastructure for processing the abundant minerals in the country.
He emphasized that the introduction of a minerals bank would facilitate the emergence of local mining companies, enabling them to effectively compete with international mining companies worldwide.
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