The flagbearer of the New Patriotic Party (NPP) for the 2024 Presidential election, Dr. Mahamudu Bawumia, has pledged to establish a Minerals Development Bank for small-scale miners when elected as President in the December 7th Elections.
He indicated that just as the government had set up the Agricultural Development Bank for farmers, he would establish a bank for miners to offer them the needed financial support.
The Vice President, Dr. Mahamudu Bawumia, made this assertion at Akoon in the Tarkwa Nsuaem Municipality when he engaged stakeholders to discuss mining and its related activities as part of his tour to the Western Region.
“Report from the Ghana Geological Survey Department indicated that Ghana has seven gold belts, starting from Axim of about 43,000 square kilometers. Only 23,000 square kilometers have been explored, leaving about five billion ounces of gold yet to be mined.”
Dr. Mahamudu Bawumia
He assured that his government would empower the Geological Survey Department, the University of Mines and Technology (UMaT), Tarkwa, and other institutions to get into exploration and find out where these deposits are located.
As such, he made a commitment that upon discovery of these deposits, his government’s policy would prioritize 100% Ghanaian ownership of the country’s resources, with concessions allocated to small-scale local miners.
He stressed that the resources will not be ceded to foreign interests in exchange for royalties, ensuring that the wealth generated will benefit Ghanaians directly and contribute to the country’s economic development.
Furthermore, Dr. Bawumia stated that the next NPP government under his command would formalize the small-scale mining regime to ensure that every miner would have a license and operate accordingly.
“I want to make small-scale miners multi-millionaires. I don’t want us to be chasing them, ceasing or destroying their equipment.”- Dr. Bawumia
More so, the Vice President assured the miners that a common user facility for processing gold would be introduced for the miners to recover 90 percent of the gold from their tailings and ore instead of the current 30 to 40 percent they have due to lack of technology.
Mining For Development
Moreover, the NPP flagbearer indicated that his government will have deliberations with the major mining companies to release their abandoned shafts for community mining.
He stressed that the new mining areas that will be discovered will also be used for the same program as the old ones to create more jobs for Ghanaians.
Furthermore, the Vice President announced that a new policy will be implemented under his government, aimed at curbing gold smuggling and ensuring that Ghana derives maximum benefit from its natural resources.
As such, he assured that this policy will ensure that gold mined in Ghana will be purchased from local miners at the prevailing world market price, guaranteeing a fair income for the miners and enabling the country to retain its gold reserves.
“Under my watch, we would change the curriculum and the Technical and Vocational Education and Skills Training (TVET) would begin to teach responsible mining to protect farmlands, forest reserves, and water bodies.”
Dr. Mahamudu Bawumia
More so, he added that with large-scale mining, his government would abolish the value-added tax-binding mining to enable many people to venture into exploration to help grow the economy.
The Deputy Minister of Lands and Natural Resources and the Member of Parliament (MP) for Tarkwa Nsuaem constituency, Mr. George Mireku Duker thanked the Vice President for giving hope to all small-scale miners.
Touting the Vice President’s efforts in improving Ghana’s economy for development, the MP assured the NPP flagbearer that the residents of Tarkwa Nsuaem constituency would ensure he does not get less than 70 percent of the total votes in the upcoming election.
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