Bawumia To Establish Minerals Development Bank To Fund Small-Scale Mining

• The New Patriotic Party's presidential candidate has announced plans to establish a Minerals Development Bank
• Dr Bawumia says the bank is expected to support small-scale miners in the country and drive Ghanaian ownership of the country's mineral wealth
• Bawumia says he would establish the bank in collaboration with MIIF, PMMC, the Bank of Ghana and the private sector

The New Patriotic Party's flagbearer, Dr Mahamudu Bawumia, says if he is elected president in the upcoming general elections, he will establish a Minerals Development Bank.

Dr Bawumia said this at the 3rd Annual Transformational Dialogue on Small-Scale Mining in Ghana, held at the University of Energy and Natural Resources in the Bono Region on May 8, 2024.

He said the initiative was to help fund small-scale mining companies and projects in Ghana to deter them from engaging in illegal and unsafe mining activities.

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Dr Bawumia said the policy was part of efforts to end the menace of illegal mining, also known as Galamsey in Ghana, and support Ghanaian ownership of the country's mineral wealth.

He added that when the bank is established, foreign mining companies will no longer be permitted to export their earnings to their home countries.

This, hopefully, would boost the local currency and halt its depreciation against the dollar in recent times.

The bank, he revealed, would be established in collaboration with the Minerals Income Investment Fund (MIIF), Precious Mineral Marketing Company (PMMC), the Bank of Ghana, and the private sector.

He told congregants that the project would hopefully stall the foreign financing of mineral extraction projects in Ghana, leading to their smuggling.

Bawumia promises to amend the Minerals Act

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Dr Mahamudu Bawumia said he would amend the Minerals Act to include traditional rulers.

According to him, he would integrate traditional rulers into the mineral licensing processes to empower them in determining who gets a license to mine within their traditional area.

According to Dr Bawumia, the neglect of chiefs and their input in the mining industry and its regulation has left gaps that malicious persons have exploited to engage in illegal mining.

He said incorporating the chiefs would help address the problem while encouraging small-scale miners to get formalised.

If he becomes president, this will be part of Dr Bawumia's formalisation programme for the mining industry.

Bawumia to promote 100% Ghanaian ownership of country minerals

YEN.com.gh reported that the New Patriotic Party flagbearer, Dr Mahamudu Bawumia, has vowed to refocus Ghana's paradigm for natural resource management.

According to him, the current paradigm has created the impression that Ghanaians do not own the nation's sovereign wealth.

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He said that if he becomes president, he will enact policies that will put all of the country's wealth in the hands of Ghanaians.

Source: YEN.com.gh