Business
Think Tank Warns Ghana Risks ‘Another Colonial Mistake’ Without Full Control of Lithium Deposits
Ghana’s Institute of Economic Affairs (IEA) is urging government to take a bold, interventionist step in the emerging lithium industry.
IEA wants Ghana to establish a fully state-owned Ghana Lithium Company (GLC) to control mining, processing, refining, and battery production.
The think tank argues that without decisive ownership, Ghana could once again repeat a familiar pattern — extracting minerals cheaply, exporting them raw, and receiving only scraps of the long-term value.
In a detailed communique, the IEA described the discovery of commercially viable lithium deposits, especially the Ewoyaa project in the Central Region, as “one of Ghana’s strongest chances yet” to break its dependence on foreign-controlled extraction models. The organisation warned that Ghana’s long-term economic instability — low revenue, weak industrialisation, and recurring debt crises — is tied directly to “meagre” returns from the extractive sector.
“A continuation of colonial-era agreements”
The IEA sharply criticised the current Revised Lithium Agreement with Barari DV Ghana, describing it as a modern version of old concession models that hand ownership to foreign firms while Ghana settles for royalties and minority shares.
It called on Parliament to halt ratification of the agreement, saying it “fails to comply with international frameworks Ghana has signed” and reinforces a development model that has historically weakened national economic sovereignty.
Massive long-term revenue at stake
Using Barari DV’s own projections, the IEA estimates that the Ewoyaa mine could produce 3.6 million tonnes of spodumene concentrate. If Ghana processes this domestically into lithium carbonate — instead of exporting it raw — national revenue could reach US$172.5 billion over the mine’s lifespan.
The numbers, the IEA says, make the case impossible to ignore:
“Developing the value chain becomes critical.”
It argues that Ghana should control the entire chain — from raw ore to battery manufacturing — and insists that foreign investors themselves often raise capital using Ghana’s natural resources as collateral. To support the point, the IEA highlighted the Minerals Income Investment Fund’s US$33 million investment in Ewoyaa as proof that domestic institutions can fund large-scale mining ventures.
Global lithium prices: a volatile backdrop
The push comes as lithium markets continue a steep correction. After record highs in 2021–2022, battery-grade lithium carbonate fell drastically through 2024–2025 due to oversupply and a slower-than-expected growth in electric vehicle demand.
Yet medium-term forecasts remain optimistic. Analysts expect prices to rebound from 2026 as production cuts take effect and EV demand accelerates, with some projections placing prices back in the US$15,000–US$20,000 per tonne range by decade’s end.
Why the urgency?
For the IEA, the answer is clear: Ghana cannot afford to repeat the story of gold, oil, and bauxite — exporting resources cheaply while importing finished products at high cost.
With global transitions toward renewable energy, digital infrastructure, and electric transportation, lithium is becoming one of the world’s most strategic minerals. The IEA insists this moment must not slip away.
“Lithium remains a critical mineral Ghana must mine for national benefit,” the communique stated.
“We must not give away ownership rights to foreign companies.”
As Parliament debates the revised agreement, the IEA’s warning lands with a single message: Ghana must choose between another century of low-value extraction — or a new era of industrial power built on domestic ownership.
Business
Ukraine Eyes Major Wheat Flour Production Facility in Ghana to Tap Into West Africa’s Growing Market
The Ukrainian government is actively exploring establishing a wheat flour production facility in Ghana, a move aimed at strengthening bilateral agricultural cooperation and expanding Kyiv’s foothold in West Africa’s rapidly growing wheat market.
The proposal was disclosed following a high-level meeting on April 8, 2026, in Accra between Ghana’s Minister of Food and Agriculture, Eric Opoku, and Ukraine’s Deputy Minister of Agrarian Policy and Food, Denys Bashlyk.
Officials described the proposed industrial project as an extension of a Memorandum of Understanding (MoU) signed between the two nations in November 2025. That agreement seeks to create a hub for processing and distributing Ukrainian agricultural products in Ghana and the broader West African region.
Strategic Push into a Booming Market
While specific details—including the plant’s location, investment cost, and production capacity—have not yet been made public, the initiative is expected to boost Ghana’s domestic wheat processing capabilities significantly.
Ghana’s demand for wheat-based products—including bread, biscuits, pasta, pastries, instant noodles, and pizza—has been rising steadily. According to data from the United States Department of Agriculture (USDA), Ghana’s wheat imports surged by 56.7% over four years, rising from 697,309 tonnes in 2022 to 1.09 million tonnes in 2025.
For Ukraine, the project represents a strategic opportunity to gain a stronger presence in the Ghanaian market, where it currently has little footprint. As the world’s fifth-largest wheat exporter—after Russia, Canada, the United States, and Australia—Ukraine exported approximately 20.6 million tonnes of wheat in 2024.
From Raw Exports to Value-Added Processing
The development highlights growing interest by Eastern European agricultural powerhouses in investing directly in African processing infrastructure.
Rather than relying solely on raw commodity exports, countries like Ukraine are seeking to reduce dependence on volatile global markets by establishing local milling and distribution networks.
Such investments allow producer nations to capture more value along the supply chain while helping African nations reduce their reliance on imported finished products. For Ghana, a local Ukrainian-backed flour mill could stabilize supply, create jobs, and potentially lower costs for consumers.
Officials from both sides have indicated that feasibility studies are underway, with further announcements expected once technical and financial assessments are complete.
The project aligns with Ghana’s broader agenda to enhance food security, attract foreign direct investment in agriculture, and position itself as a regional agro-processing hub.
Business
Netherlands Reclaims Position as World’s Top Exporter of Cocoa Products, Ghana Remains Key Supplier
Amsterdam, Netherlands – The Netherlands has overtaken Germany to become the world’s leading exporter of cocoa products in 2025, recording €12.4 billion in exports, according to new data from Statistics Netherlands (CBS).
The sharp rise in export value was driven by elevated global cocoa prices and strong international demand for semi-processed cocoa products used in chocolate manufacturing.
Nearly three-quarters of Dutch cocoa exports consist of intermediate goods such as cocoa butter, cocoa powder, and chocolate liquor, which are shipped to manufacturers across Europe and North America.
Germany remains the largest single market for these exports, followed by Belgium, France, the United Kingdom, and the United States.
West African countries, particularly Côte d’Ivoire and Ghana, continue to serve as critical suppliers of raw cocoa beans feeding Dutch processing hubs, especially around Amsterdam and the Zaanstreek industrial area.
The sustained high prices have been linked to poor harvests in West Africa caused by adverse weather conditions in recent years.
For Ghana, the development underscores its continued strategic importance in the global cocoa supply chain.
However, it also highlights the longstanding imbalance in the industry, where African nations primarily export raw beans while European processors capture the majority of the value through further processing and re-export of higher-value products.
Economists argue that while Ghana benefits from strong demand for its beans, greater investment in local processing capacity and industrialisation is needed to retain more value domestically and reduce heavy reliance on raw commodity exports. The Netherlands’ dual role as a major importer of raw beans and leading exporter of processed cocoa products further cements its position as Europe’s cocoa trading powerhouse.
Business
Ghana Nears Approval of Cannabis Licences as Country Prepares to Launch Regulated Industry
Accra, Ghana – Ghana’s Narcotics Control Commission (NACOC) is in the final stages of reviewing applications for cannabis licences, with successful applicants expected to receive approval to begin operations soon, marking a significant milestone in the country’s efforts to develop a legal and regulated cannabis sector.
Deputy Director-General for Enforcement, Control, and Elimination, Alexander Twum-Barimah, disclosed this while speaking at the Kwahu Business Forum on Saturday.
He emphasised that the review process has been “thorough and deliberate” to ensure that only applicants who fully meet all legal, regulatory, and security requirements are granted licences. NACOC officials engaged with potential investors at the forum’s exhibition stand, providing details on various licence categories, including cultivation, processing, distribution, and export.
Mr Twum-Barimah stressed that the commission is committed to building a properly regulated industry that creates legitimate economic opportunities while maintaining strict controls to prevent misuse and illegal activities.
“The goal is to strike a balance between enabling economic development and safeguarding public health and security,” he said.
All licence holders will be subject to ongoing monitoring and compliance checks.
The development signals Ghana’s intention to harness the economic potential of cannabis through job creation, investment, and export revenue, while aligning with international best practices in regulation. Further updates on the licensing process are expected in the coming weeks.
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