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According to the Vice President, this will provide financial support for Ghanaians in the mining and natural resources sector.
Speaking at the 3rd Annual Transformational Dialogue on Small Scale Mining in Ghana at the University of Energy and Natural Resources in the Bono Region, Dr. Bawumia said the practice of foreign mining companies exporting all their earnings will end when the policy is implemented.
“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.”
Relatedly, the Omanhene of Goaso in the Ahafo Region has lauded the policy proposals of Dr. Bawumia.
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Dr Mahamudu Bawumia with Ahafo Regional House of Chiefs
During an interactive session held in Goaso on Tuesday, May 7, 2024, Dr. Bawumia presented his vision and policies to the traditional leaders, emphasizing his commitment to national transformation through these initiatives.
In response to Dr. Bawumia’s presentation, Nana Ansah Adu Baah, who also serves as the Omanhene of Yamfo Traditional Area, commended Dr. Bawumia's personal qualities and the compelling nature of his discourse, expressing confidence in its potential to benefit the nation and future generations.
He said "Dr. Bawumia's humility and policies are good for the country and the next generation. I have no doubt in my mind that Bawumia means well for Ghana," Nana Ansah Adu Baah, who doubles as the Omanhene of Yamfo Traditional Area.
He also commended Dr. Bawumia for his humility, which he said is admirable and a required trait for leadership.