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Dr. Mahamadu Bawumia, the New Patriotic Party (NPP) flagbearer, has revealed his intentions to create a bank for the development of minerals in the event that he wins the presidency in the approaching December elections.
The initiative’s justification was presented by Dr. Bawumia at the University of Energy and Natural Resources in the Bono Region at the 3rd Annual Transformational Dialogue on Small Scale Mining.
The need of offering financial assistance for domestic mining ventures was emphasized by him.
“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” Dr Bawumia stated.
The purpose of the planned minerals development bank is to direct funding into domestic mining initiatives, which will lessen dependency on outside funding and, in turn, prevent the smuggling of mineral production.
Source: Ghanatodayonline.com
