Ghana risks losing opportunity to capitalise on lithium reserves without swift action – Kyei-Mensah-Bonsu

Former Majority Leader and Member of Parliament for Suame, Osei Kyei-Mensah-Bonsu, has called on Parliament to expedite the passage of Ghana’s lithium agreement to ensure the country does not miss out on the lucrative global lithium market.

Addressing a stakeholder forum in Parliament on Tuesday, 3 September 2024, Mr. Kyei-Mensah-Bonsu highlighted the urgent need for legislative action, citing the finite nature of lithium resources and the potential risks associated with delays.

He warned that Ghana risks forfeiting significant economic benefits if prompt decisions are not made.

“With global demand for lithium, a vital component in batteries for electric vehicles and renewable energy storage rising sharply, Ghana’s chance to capitalise on its lithium reserves could slip away if timely actions are not taken,” he cautioned.

Mr. Kyei-Mensah-Bonsu emphasised that inaction could lead to Ghana’s lithium assets becoming stranded and failing to contribute to the nation’s economic growth.

“We must act decisively and quickly to avoid our lithium resources becoming stranded assets. Lithium is not an endless resource, and the current global dynamics mean that the window to capitalise on it may close sooner than we expect,” he warned.

While urging swift legislative approval, Mr. Kyei-Mensah-Bonsu also advised that the agreement be handled carefully to ensure that Ghana maximises its gains from its lithium deposits, securing the best possible outcomes for the country.

Source:classfmonline.com