Ghana Approves Green-Minerals Policy to Harness Lithium Resources in Multibillion-Dollar Global Industry
In a significant move towards harnessing the potential of its lithium resources, Ghana's cabinet has given the green light to a new green-minerals policy. The policy aims to effectively manage the exploitation and production of lithium and marks a crucial step for the nation to tap into the thriving multibillion-dollar global industry.
According to Lands and Natural Resources Minister Samuel Jinapor, the cabinet approved the policy document on July 27. It is anticipated to be passed by parliament before the end of this year. The policy will lay out clear guidelines and establish a fiscal regime for mining green minerals, ensuring that Ghana maximizes the benefits derived from its abundant resources.
Minister Jinapor emphasized that Ghana is determined to operate at a level that optimizes the potential of its lithium resources. The approved Green Minerals Policy demands that not a single volume of lithium produced in the country will be allowed to be exported in its raw state. This approach is in line with the increasing trend of resource nationalism, where developing countries seek a greater share of profits from surging commodity prices while addressing historical inequalities in wealth distribution from mining activities.
Ghana, known as Africa's largest gold producer, also possesses significant deposits of other green minerals such as manganese, graphite, and cobalt, as highlighted by Minister Jinapor.
The development of Ghana's lithium industry comes at a time when Western governments are racing to secure critical minerals required for the clean energy transition. With the new national policy on the exploitation, management, and regulation of green minerals, there is room for adjustments to enhance the policy as it becomes integrated into the nation's mining policy document, said the minister.
The lithium mining sector in Ghana is already attracting interest from companies like Australia-based Atlantic Lithium Ltd. Although the firm has yet to apply for a mining lease, the government remains open to engaging with them when the time comes, assured Minister Jinapor.
Ghana's approval of the Green Minerals Policy marks a significant milestone in its efforts to strengthen its position in the global green-minerals market, while also ensuring that the country reaps the maximum benefits from its valuable resources.
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