At a time when Ghana's public debt exceeds 100% of its gross domestic product (GDP), the country led by Nana Akufo-Addo has its eyes firmly fixed on the Ewoyaa lithium project developed by an Australian company. The extraction of this mineral resource should enable Ghanaians to position themselves in the global supply chain for strategic minerals used in the manufacture of electric vehicles.
Ghana wants to exploit its mineral wealth for the economic growth and sustainable development of its 32 million inhabitants. For some years now, the Ghanaian government has been committed to exploiting the first lithium mine at Ewoyaa in the Mfantseman region. The project, which is being implemented by Atlantic Lithium, has just reached two new milestones.
The Australian company has received its 15-year mining permit and has also raised $5.3 million to start preliminary work on the site. While mining activities, particularly those carried out by foreign firms, are often controversial because of their impact on the environment, the presence of Atlantic Lithium is rather well received in Ghana.
A promising investment
The Ewoyaa project, with an investment cost approaching 185 million dollars, should enable Ghana to become the largest producer of lithium in the West African sub-region, and thus the leading exporter of this essential raw material for the manufacture of batteries for electric vehicles. The Accra government is counting on this investment to integrate the global supply chain for this strategic mineral, given that the global market for electric batteries will be worth $8,800 billion by 2025, according to the African Development Bank (AfDB).
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According to a feasibility study carried out in September 2023 with the backing of the sovereign Minerals Income Investment Fund (MIIF), which holds a 3.05% stake in Atlantic Lithium, the industry is expected to generate $6.6 billion in profits over 12 years. This will be thanks to the production and marketing of 3.6 million tonnes of spodumene concentrate to the world’s automotive giants.
Benoit-Ivan Wansi
