Dr. Mahamadu Bawumia, the flagbearer of the New Patriotic Party (NPP), has unveiled a strategic plan aimed at fostering the growth of the mining sector in Ghana. His proposal centers around the establishment of a minerals development bank, a pivotal initiative he intends to implement if elected as president in the forthcoming December polls.
Expressing his vision, Dr. Bawumia emphasizes the core objective of this initiative, stating that it is designed to offer financial support to mining endeavors across the nation. This move seeks to address the longstanding challenge of inadequate funding that has hindered the development of mining projects in Ghana.
Addressing stakeholders at the 3rd Annual Transformational Dialogue on Small Scale Mining, hosted at the University of Energy and Natural Resources in the Bono Region, Dr. Bawumia elucidates on the necessity of this proposed bank. He articulates, “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.”
By partnering with key stakeholders such as MIIF, PMMC, the Bank of Ghana, and the private sector, Dr. Bawumia aims to create a robust financial mechanism that will support the execution of feasible mining ventures within the country. This collaborative effort is essential for ensuring the success and sustainability of the minerals development bank.
The establishment of this bank is not merely a financial venture but a strategic move to curtail the prevalent practice of foreign mining companies repatriating all their profits from Ghana. Dr. Bawumia underscores the importance of retaining earnings within the country to stimulate economic growth and prevent capital flight.
Moreover, Dr. Bawumia highlights the detrimental impact of foreign financing on local mining projects, citing instances of heavy smuggling of mineral produce as a consequence. By providing local financing options through the minerals development bank, he aims to mitigate this challenge and promote the growth of indigenous mining enterprises.
The proposed minerals development bank aligns with Dr. Bawumia’s broader vision of fostering economic development and creating opportunities for sustainable growth in Ghana. It represents a proactive approach to addressing the financial needs of the mining sector and unlocking its potential as a driver of economic prosperity.
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