Emmanuel Armah-Kofi Buah
The Government of Ghana is revisiting the lease agreement with Atlantic Lithium following a formal appeal by the company to revise the terms of its mining contract, citing an economic downturn in global lithium prices that has significantly impacted the viability of the Ewoyaa Lithium Project.
Addressing Parliament on Wednesday July 16, Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, explained that Atlantic Lithium had submitted a formal request to the Minerals Commission to amend the existing lease terms. The company argues that the current global slump in lithium prices has made the original financial projections underlying the project unsustainable.
“The Ministry has notified Cabinet of the company’s request, and Cabinet has granted approval for the submission of a new memorandum containing revised terms,” the Minister told the House. He added that once Cabinet concludes its review, the updated lease agreement will be brought before Parliament for consideration and possible ratification.
The Ewoyaa Lithium Project, which has been positioned as Ghana’s flagship entry into the global critical minerals value chain, had its original lease submitted to Parliament in 2024. However, the lease was not ratified before the House adjourned for the 2024 general elections.
The collapse in global lithium prices — from over US$3,000 per ton at the time of the lease signing to much lower levels in recent months — has triggered a wave of cost-cutting measures across the global battery metals sector. Major lithium producers have suspended operations, reduced production, and shelved new investments.
In Ghana’s case, the proposed lease revision comes at a critical time as the government aims to balance investor confidence with national interest. Minister Armah-Kofi Buah indicated that the revised terms would seek to safeguard the project’s feasibility while ensuring that Ghana still derives meaningful economic value from its lithium resources.
The review is also expected to address concerns raised by stakeholders, including Parliament’s Select Committee on Lands and Natural Resources, civil society organizations, and host communities, about transparency, equity, and Ghana’s share in the benefits of critical minerals extraction.
The outcome of this lease renegotiation could set a precedent for how Ghana approaches similar agreements in the fast-evolving global green economy. The country is increasingly looking to position itself as a competitive but fair player in the extraction of energy transition minerals such as lithium, graphite, and rare earth elements.
Listen to Emmanuel Armah-Kofi Buah in the attached video clip below:
