The Ghanaian government is gearing up to renegotiate the terms of the Ewoyaa Lithium mining agreement after a sharp decline in international lithium prices threatened the project’s future viability.
Minister for Lands and Natural Resources, Emmanuel Amarh Kofi Buah, disclosed during Wednesday’s parliamentary session that lithium prices, which once hovered near US$3,000 per tonne, have plunged below US$675 per tonne. This current price point falls beneath the estimated production cost for the lithium concentrate as outlined in the company’s feasibility study.
The steep price drop has forced lithium producers worldwide to scale back operations, suspend new ventures, and downsize workforces—challenges now mirrored in Ghana’s Ewoyaa Lithium project.
Barari DV Ghana Limited, the firm awarded a 15-year lease over a 42.63 square kilometer site at Mankessim in the Central Region, has formally requested adjustments to the lease agreement to mitigate potential project setbacks.
Originally submitted to Parliament in 2024, the lease approval was stalled amid electoral processes. Now, with volatile market conditions, the company’s appeal has prompted government action.
Minister Buah confirmed that the Ministry has briefed Cabinet and will soon forward a revised proposal to chart a more sustainable course for the project, aiming to protect Ghana’s interests in the burgeoning battery metals sector.
The review signals the government’s proactive approach to ensuring that the Ewoyaa Lithium venture adapts effectively to shifting global economic realities.
