The Vice President and flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has promised to establish a minerals development bank if elected as president in the pending general elections on December 7, 2024.

He argued that setting up the bank has become necessary to provide financing for key mining projects across the country.

Addressing participants at the 3rd Annual Transformational Dialogue on Small Scale Mining in Ghana in the Bono Region, Dr. Bawumia reiterated his plan to ensure that a policy is in place for Ghanaians to own 100 per cent of mining resources, as opposed to foreign companies owning the largest share.

He also stressed that the practice of foreign mining companies repatriating all their earnings will end once the policy is implemented under his presidency if he is voted into power.

“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.

Dr. Bawumia made these remarks at the University of Energy and Natural Resources during a campaign stop in the Bono Region.

MA/AE

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