Atlantic Lithium
The Natural Resource Governance Institute (NRGI) has called for greater public scrutiny and government diligence as Atlantic Lithium seeks sweeping fiscal concessions from the Government of Ghana for its Ewoyaa lithium project.
Speaking at a media engagement on Ghana’s lithium fiscal regime and proposed refinery, NRGI’s Senior Economic Analyst for Africa, Thomas Scurfield, outlined major concerns surrounding the request and offered a three-step framework for evaluating it.
Atlantic Lithium has reportedly requested a reduction in Ghana’s royalty rate on lithium from 10% to 5%, or the adoption of a sliding scale royalty mechanism that adjusts with market prices. The company has also asked for unspecified changes to the corporate income tax regime and import duty exemptions on capital goods.
Scurfield, referencing a recent blog post published by NRGI, questioned the adequacy of public information supporting Atlantic’s request. “The company has cited falling lithium prices as justification, but they’ve provided little detail on how this affects the project’s viability. Our modeling using current lithium prices still shows an internal rate of return around 25%—far above the 13.6% Atlantic claims,” he said.
According to Scurfield, this discrepancy suggests that Atlantic may have altered other underlying assumptions—such as production costs or timelines—without disclosing them. NRGI is calling on the company to be transparent with its financial models and assumptions to allow for meaningful public and parliamentary scrutiny.
Avoid Permanent Concessions
Scurfield warned that granting permanent tax breaks now could cost the country significantly when lithium prices recover. “Lithium is a highly volatile commodity. If government agrees to permanent royalty or tax cuts, Ghana may lose out when the mine becomes highly profitable in the future,” he cautioned.
Instead, he proposed that Ghana consider a sliding scale royalty that adjusts with price fluctuations, thereby providing flexibility without locking the country into long-term revenue losses.
Demand Fair Trade-Offs
If the government determines that some form of concession is necessary to make the project viable, Scurfield emphasized that it should negotiate reciprocal benefits. These could include stronger anti-tax avoidance provisions, price benchmarking, and interest deduction limits to prevent profit shifting.
“This should not be a one-sided deal. If the company needs support now, they must give something in return—whether through stronger tax compliance mechanisms or progressive tax structures that ensure higher payments when profits rise,” he stressed.
Public Interest and Parliamentary Oversight
NRGI‘s intervention comes at a critical time, as Ghana positions itself to become a key player in Africa’s green minerals value chain. The call for transparency aligns with broader demands from civil society for inclusive governance in the country’s emerging lithium sector.
Scurfield concluded by urging government and parliament to take a firm and informed stance: “It’s not ideal that the company is asking for concessions at this stage, but if necessary, government must negotiate responsibly—ensuring Ghana does not give away its mineral wealth without adequate returns.”
The discussion is expected to continue in upcoming policy sessions involving stakeholders from government, civil society, and industry.
