In the event that he wins the presidential election in December, Dr. Mahamadu Bawumia, the flagbearer of the New Patriotic Party (NPP), has declared his intention to create a bank dedicated to the development of minerals.

According to Dr. Bawumia, the action is intended to provide funding for mining projects throughout the nation.

Speaking at the University of Energy and Natural Resources in the Bono Region for the 3rd Annual Transformational Dialogue on Small Scale Mining in Ghana, Dr. Bawumia stated that the policy’s implementation will put an end to the practice of foreign mining companies exporting all of their profits.

“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.”