We’ll establish Minerals Development Bank to support mining industry — Bawumia

2024 New Patriotic Party (NPP) flagbearer Dr. Mahamudu Bawumia has unveiled plans to establish a Minerals Development Bank to support Ghana's mining industry, particularly small-scale miners.

Delivering his policy proposals on mining during phase one of his ongoing regional campaign tour, Dr. Bawumia said a Minerals Development Bank will be established in collaboration with the private sector.

"To ensure 100% Ghanaian ownership of newly discovered resources and greater Ghanaian ownership of our resources we will establish, in collaboration with the private sector, a Minerals Development Bank to support the mining industry," a statement from Dr. Bawumia’s campaign team dated May 5, read.

The VP explained that the bank would help raise the capital needed to explore newly discovered mineral resources and ensure full Ghanaian ownership.

Bawumia's announcement forms part of his extensive policy blueprint aimed at reforming Ghana's mining landscape and optimizing the sector's contribution to national development.

Currently, many mining resources are foreign-owned despite being located in Ghana. If actualized, the Minerals Development Bank will become the first of its kind solely focused on providing loans, bonds and other funding instruments for mining projects from exploration to operations.

It is hoped that the bank will help boost the participation of Ghanaians in the mining value chain and accelerate the diversification of Ghana's economy from primary commodity export to value addition and beneficiation of minerals.