Accra: The global price of lithium has dropped from $3,000 to $675, impacting a lithium project in Ghana undertaken by Barari DV, according to Lands and Natural Resources Minister Mr. Emmanuel Armah Kofi Buah. The minister addressed Parliament in response to a question from Dr. Ebenezer Prince Arhin, the National Democratic Congress (NDC) Member of Parliament for Mfantseman, concerning the efforts to ratify the Ewoyaa Lithium Agreement.
According to Ghana News Agency, Mr. Armah Buah informed the House that a mining lease agreement was signed between the Government of Ghana and Barari DV Ghana Ltd. on October 20, 2023, for a 15-year term ending October 19, 2038. However, the agreement remains unratified by Parliament after the House adjourned for the December 2024 general election. The minister highlighted that the lithium price drop led Barari DV to request a revision of the agreement terms earlier this year.
The Committee on Lands and Natural Resources of Parliament convened a stakeholder meeting over the lithium agreement, but no report was written before the House adjourned Sine die, according to the sector minister. Meanwhile, critics like journalist Mr. Kwesi Pratt Jnr. have raised concerns about Ghana's lithium deal with Barari DV Ltd., pointing to the country's limited lithium mining potential.
Additionally, the Mass Action for Sustainable Development (MASDA) has called for a re-examination of the lithium mining lease agreement, describing it as 'unacceptable and not fit for purpose.' The government remains open to alternative agreements to mitigate the impact of the price drop, as stated by the minister.
