In order to deal with the invasion of foreign nationals in the country’s small scale mining sector, government is set to launch a Minerals Development Unit at Agricultural Development Bank (ADB) to address the financial needs of the sector.
This revelation was made by the Deputy Minister for Lands and Natural Resources, George Mireku Duker at a Press Briefing on Wednesday organized to update the public on the recent developments in the country’s fight against illegal mining.
According to the deputy minister, in the government’s attempt to end illegal mining, it has realized that the influx of foreign nationals in the small scale mining sector is partly as result of the capital intensive nature of the sector.
Although the Minerals and Mining Act of the country bans foreigners from engaging in small scale mining, Ghanaians contact these foreigners to seek financial assistance hence the invasion of these persons in a sector solely preserved for Ghanaians.
In order to deal these capital challenges, the deputy minister disclosed that government has commissioned the establishment of a Mineral Development Unit at Agricultural Development Bank to assist Ghanaians in the sector by providing a credit services for their operations.
“We have observed that the influx of foreign nationals in the small scale enclave is a result of capital intensive nature of the mining. People of Ghanaians get to contact these foreign nationals to support them financially. That is eating into the mining fibre of this country and you know that the Minerals and Mining Act also abhors a foreign nationals getting involved in small scale mining,” the deputy minister and MP for Tarkwa Nsuaem noted.
He continued that, “as a result, we have negotiated with one of our prominent banks in this country; ADB for that matter to commission Minerals Development Unit that will seek to address the challenges that small scale miners face.”
According to the George Mireku Duker, the Vice President of the Republic, Dr. Mahamudu Bawumia is set to unveil the Unit on the 20th of this month.
He further stated that the governments is also considering an option to establish a Minerals Development Bank in the future which will specialize in assisting players in the mining industry as far as financial needs are concerned.