Dr. Bawumia says the move is aimed at providing finances for mining projects in the country. 

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.”