The Institute of Economic Affairs (IEA) has urged Ghana to take full and meaningful control of the management of its lithium resources.
Addressing a press conference, the IEA noted with concern Ghana's lithium mining agreement with Barari DV Ghana Limited, saying "Being a contract to exploit Ghana's natural resource, the Agreement...requires ratification by Parliament in order to be legally effective."
The think tank argued that the terms of the agreement are "not different in principle and substance from any of Ghana's previous colonial-type agreements."
The IEA proposed an alternative model where "The Republic of Ghana should set up a Ghana Lithium Company (GLC)."
According to the IEA, "Adopting this model will create job opportunities, wealth, community development and technical development for Ghanaians throughout the entire lithium value chain, in addition to affording Ghana a full control over this national asset."
It further observed that Ghana could generate up to USD296 billion from lithium carbonate production over 12 years.
Concluding its call, the IEA stated: "Yes, Ghana is rich, let us finally take full and meaningful control of the management of our wealth."