The flagbearer of the New Patriotic Party (NPP), Dr. Mahamadu Bawumia, has announced plans to establish a minerals development bank if he is elected president in the upcoming December polls.

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 a stop 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.”