Banking Consultant, Dr. Richmond Atuahene, says Ghana does not need a Minerals Development Bank as proposed by Dr. Mahamudu Bawumia to increase Ghana’s gold reserves and back up the cedi.

The flagbearer of the New Patriotic Party (NPP), Dr Mahamadu Bawumia, has indicated that under his administration as President, he will establish a Minerals Development Bank.

Addressing attendees at the 3rd Annual Transformational Dialogue on Small Scale Mining in Ghana, hosted at the University of Energy and Natural Resources in the Bono Region, the Vice President explained that the move will revolutionise the financial landscape for mining endeavours in the country.

“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,” he said.

However, the Banking Consultant believes the move will backfire and rather worsen the illegal mining menace and destruction to the environment

“I don’t think Ghana needs another institution to be talking about mining, I think they should really be thinking about the environment. Setting up a new bank, I have a different view about it. Dr. Kwame Nkrumah set up Agric Bank we destroyed it and he came up with NIB. Acheampong talks about Banking and Construction. Social Security Bank go and ask the history about it."

“We set up development banks and don’t know what will come over them. So for me, I beg to differ especially when it comes to development banks like a mining bank. I totally disagree with them because, number one do we discourage the destruction of the environment?” Dr. Atuahene asked.

He continued: “We are destroying it, they should take it as a joke because I have travelled far in the country and I know what degradation is. So for me, I don’t support those ideas so I don’t even talk about it.”