In the frantic race for the critical metals needed for the global energy transition, Ghana has just taken a decisive step forward by revising its mining policy. Traditionally driven by gold and cocoa, Accra is now turning its ambitions towards "white gold". The Ghanaian government recently approved a new policy for managing lithium mining, aimed at maximising local profits and avoiding past mistakes related to the raw export of raw materials. This decision comes as neighbouring Mali, with its giant Goulamina project, has already taken a significant lead, forcing Ghana to accelerate its reforms to remain competitive.
Ghana's new strategy is distinguished by stricter local processing requirements. Unlike traditional extractive models, Accra now makes the granting of licences conditional on clear commitments to domestic refining. The aim is to create a genuine value chain in West Africa, from extraction to the production of spodumene concentrate and, ultimately, battery components. By increasing royalty rates and requiring greater state participation in projects, Ghana hopes to generate higher revenues than those from the gold sector, while promoting technology transfer.
At the heart of this strategy is the Ewoyaa project, led by Atlantic Lithium. This deposit, located on the country's south coast, has a major logistical advantage over the landlocked deposits in the Sahel: its immediate proximity to port infrastructure. The Ghanaian authorities are banking on this geographical advantage to attract international investors, particularly American and European ones, who are keen to diversify their sources of supply in the face of China's virtual monopoly on lithium refining. The partnership with the Ghanaian sovereign wealth fund (MIIF), which has injected significant capital into the project, illustrates this desire to maintain sovereign control over the resource.
Ghana's repositioning is part of a regional dynamic in which Mali is playing a pioneering role. With the Goulamina deposit, Mali is set to become one of the world's largest producers, attracting Chinese giants such as Ganfeng Lithium. By adjusting its regulatory framework, Ghana is not only seeking to catch up, but also to offer an alternative model that is more focused on sustainability and industrial integration. This healthy competition between the two West African powers could ultimately make the region a key player in the global battery market, provided that transport and energy infrastructure keeps pace with mining ambitions.