The NPP Flagbearer, Dr. Mahamudu Bawumia, has promised to establish a Minerals Development Bank in the country if elected to power on December 7, 2024.
He made this known at the 3rd Annual Transformational Dialogue on Small-Scale Mining in Ghana at the University of Energy and Natural Resources in the Bono Region.
According to Dr Bawumia, also the Vice-President of the Republic, the Minerals Development Bank will provide credit facilities for indigenous mineral exploitation and beneficiation projects, especially, for small-scale miners with bankable concessions as project economics may indicate viable.
“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 endeavours, thus curbing the subsequent smuggling of mineral produce”, Dr Bawumia said.
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Some industry watchers believe the proposed bank will mitigate the influx of foreign nationals in the Small-Scale Mining Architecture which was supposed to be a sole reserve for Ghanaians as per sections 81-99 of the Minerals and Mining Act, 2006, Act 703; and help retain much value in Ghana, as repatriation by “such foreign financiers” end up taking a huge percentage of produce, will be curtailed.
Other benefits they say are: boost in-country gold production accounting and exports, which will help improve on foreign exchange; help raise local champions in Ghana’s Mining sector; and among others create more jobs.
