Policy analyst and Chairman of the Ghana Extractives Transparency Initiative (GETI), Dr. Steve Manteaw, has sounded the alarm over the slow pace at which Ghana is renegotiating its lithium deal, warning that delays could severely undercut the country’s ability to benefit meaningfully from its mineral wealth.
Dr. Manteaw is lamenting that Ghana waited too long to revisit the lithium contract, only initiating renegotiations after global lithium prices began to decline.
“I woke up this morning with pain in my heart, disappointed by the fact that we have had to wait this long to decide on renegotiating the lithium contract in the light of declining world prices. We were warned, but we did not listen to expert advice,” the policy analyst said in a Facebook post cited by The High Street Journal.
His comments come amid growing concerns that Ghana may have missed a critical window to optimize its gains from the lithium value chain. With the global market pivoting toward newer, cheaper alternatives like sodium and magnesium-based batteries, the urgency to conclude a favorable renegotiation cannot be overstated.
The original contract with Atlantic Lithium, widely criticized for giving Ghana limited equity and revenue potential, has faced pushback from civil society groups, natural resource campaigners, and some political leaders.
Following sustained pressure, the government is working to revise the deal. However, there’s little clarity on how soon a revised agreement will be finalized, and whether it will sufficiently protect Ghana’s long-term interests.
For Dr. Manteaw, Ghana risks repeating the historical pattern of resource mismanagement, where global opportunities are lost to poor negotiation, political inertia, and shortsighted policies.
“If we don’t hurry with the renegotiations, the project will suffer further as new alternatives to lithium, such as sodium and magnesium, continue to emerge,” he noted, pointing to the increasing pace at which the battery technology market is evolving.
Global data supports this urgency. Lithium prices have dropped over 80% since their peak in late 2022, as supply surges and the push for alternative materials accelerates.
Major auto and tech companies are already experimenting with sodium-ion batteries, which are cheaper and more sustainable.
For Ghana, which is seeking to position itself as a key player in the green mineral economy, the implications are clear that the country must strike while there’s still value on the table or risk being left with stranded assets and diminished returns.
The call from Dr. Manteaw and others is for policymakers to prioritize knowledge over sentiment, act in the national interest, and fast-track the renegotiation of Ghana’s lithium contract before the world moves on.
