Atlantic Lithium, the company spearheading Ghana’s flagship Ewoyaa Lithium Project, says the long wait for parliamentary ratification is taking a painful and expensive toll on its operations.
The impact is not only felt in Ghana, but also in the home country of the company.
More than two years after signing the mining lease, the company says it is still unable to begin production as it awaits approval from Parliament. The ratification is a constitutional step required before any major mining project can proceed.
But that delay, according to the company, is costing millions of dollars and pushing it to hang in the balance if nothing drastic happens.
The company’s General Manager told The High Street Journal on the sidelines of the Africa Extractives Media Fellowship that the ripple effects of the delay have been severe. Over a hundred workers, both in Ghana and at the company’s headquarters in Australia, have lost their jobs.
Those who remain have had to endure salary cuts as the company tightens spending to stay afloat. Operations have been drastically scaled back, with exploration and field activities slowed or halted in some areas.
So far, Atlantic Lithium has spent about $68 million on the project, yet production is still at a standstill.
“Already we have scaled back significantly. Our operations, We have scaled back on the labour front. We’ve sent a lot of our people home because we’re burning cash. We’ve been waiting for two years,” the general manager of Atlantic Lithium, Ahmed Salim Adam, told The High Street Journal.
The company further revealed that, given the circumstances, the current Minister for Lands and Natural Resources, Emmanuel Armah Kofi Buah, has promised swift action on the ratification.
Ahmed Salim Adam therefore, expressed optimism that the much-sought-after ratification won’t go beyond this year, to enable them to begin construction.
“It’s our anticipation that this doesn’t, we hope that this doesn’t drag on beyond this year,” the general manager expressed his hope.
For a project touted as Ghana’s first major step into the global lithium market and a cornerstone for the country’s green energy ambitions, the delay has broader implications. It risks dampening investor confidence at a time when Ghana is trying to position itself as a key player in the battery minerals industry.
The Ewoyaa project, located in the Central Region, is expected to generate significant jobs and export revenue once operational. But for now, it remains a story of waiting, one in which time, quite literally, is costing millions.
