Banking Consultant Dr. Richmond Atuahene has expressed his opposition to the proposed Minerals Development Bank by Dr. Mahamudu Bawumia, aimed at increasing Ghana’s gold reserves and supporting the cedi.

The flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has announced plans to establish a Minerals Development Bank if he becomes President.

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, the Vice President highlighted that this initiative would revolutionize financial support for mining projects in the country.

“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,” he said.

“I don’t think Ghana needs another institution to be talking about mining, I think they should really be thinking about the environment. Setting up a new bank, I have a different view about it. Dr. Kwame Nkrumah set up Agric Bank we destroyed it and he came up with NIB. Acheampong talks about Banking and Construction. Social Security Bank go and ask the history about it."

“We set up development banks and don’t know what will come over them. So for me, I beg to differ especially when it comes to development banks like a mining bank. I totally disagree with them because, number one do we discourage the destruction of the environment?” Dr. Atuahene asked.

He continued: “We are destroying it, they should take it as a joke because I have travelled far in the country and I know what degradation is. So for me, I don’t support those ideas so I don’t even talk about it.”

However, Dr. Atuahene believes this move will exacerbate illegal mining and environmental degradation.

Dr. Atuahene emphasized the need for a focus on environmental conservation rather than creating new financial institutions for the mining sector.