KEY POINTS
- Ghana urged to create state-owned lithium company to control mining.
- Lithium could generate $172 billion if fully processed locally.
- Parliament and communities must safeguard national interests in lithium projects.
The Institute of Economic Affairs (IEA) has called on Ghana’s Government to take full ownership of the country’s lithium deposits, contract private firms to mine on its behalf, and develop the entire lithium value chain to maximize economic returns.
At a press briefing in Accra, IEA Chairman Dr. Charles Mensah highlighted the strategic importance of lithium for Ghana’s energy and economic transition. He said the government had already invested $32 million in the Ewoyaa project, a significant stake compared to private investors, and urged the creation of a state-owned Ghana Lithium Company (GLC) to manage and exploit the resource.
“Lithium should also be declared a strategic mineral for economic prosperity and national security,” Dr. Mensah said. “Ghana could earn about $172 billion from processing the estimated 3.6 million tonnes of spodumene concentrate at Ewoyaa.” While he cautioned against hasty decisions driven by fluctuating global prices, dismissing such concerns as “voodoo economics.”
Parliament and communities must ensure fair gains
Professor Aaron Mike Oquaye, an IEA Fellow, urged Parliament to halt ratification of the revised lithium agreement, warning that Ghana risked being short-changed as with past resource deals. “Current mining legislation has held the country back,” he said, pointing to examples of Dubai’s success in managing natural resources effectively.
Former Lands Minister Inusah Fuseini described lithium as a “golden opportunity” to transform Ghana’s economic fortunes. He also pointed out that the suggested 10 percent royalty rate was not in line with the law, and he called for a new discussion to bring it in line with the law. Sheikh Aremeyaw Shaibu, spokesperson for the National Chief Imam, also stressed that communities should take part in mining activities and learn how miners extract lithium.
The IEA stressed that a coordinated, state-led approach to mining and value addition is essential for ensuring Ghana maximizes the benefits from its lithium reserves while safeguarding local interests.
