In July 2023, Cabinet approved the Green Minerals Policy.44 The Green Minerals Policy will amend the Mining and Minerals Policy of 2014 to include robust and progressive regimes that would enable the country to reap optimum benefits from lithium and other green minerals. Globally, it is estimated that the lithium industry alone is valued at USD11 billion at the mining stage, with the value of the industry at the highest end estimated at USD7 trillion. The Green Minerals Policy is specifically targeted at adding value to lithium before exporting it. The new policy is expected to lead to legislative interventions by Parliament, including an amendment to the Minerals and Mining Act, 2006 (“Act 703”). For example, while Act 703 sets the rate for mineral royalties at between 3 and 5%, the new policy would see a higher royalty regime for green minerals. Local participation requirement in the green minerals value chain is also expected to increase in contrast to the 10% vested interest the state currently has in mining entities. 

For more insights on the Ghanaian Energy Sector, check out our chapter in the GLI Energy 2024 Guide here