Source: newsthemegh.com
Ben Nunoo Mensah, the President of the Ghana Olympic Committee (GOC), is the beneficial owner of the 4.4 percent interest in Barari DV Ghana Ltd, a subsidiary of Atlantic Lithium Limited, according to confirmation from Samuel Abu Jinapor, Minister of Lands and Natural Resources.
He clarified that, contrary to rumors, none of the Akufo-Addo-led government’s members held stock in Barari DV Ghana and that Mr. Nunoo Mensah’s involvement in the business began in 2012.
The Minister’s action came in reaction to a challenge issued by Mr. Sammy Gyamfi, the National Democratic Congress’s (NDC) communication officer, to the government to reveal the identity of the person controlling 4.4% of Barari DV Ghana Ltd.
Speaking at a stakeholder engagement on the lithium deal with civil society organizations in Accra, Mr. Jinapor stated that the government would keep interacting with relevant bodies to guarantee that Ghanaians would ultimately benefit from the nation’s resources and that it had nothing to conceal about the Lithium Lease Agreement.
He stated, “The platform is open to talk to each other, jawjaw, and brainstorm on the management of our natural resources to bring progress and I believe with our collective wisdom, we can have positive way forward as the debate regarding the Lithium Lease Agreement is ongoing involving the academia, civil society organizations, and so forth.”
The Minister did, however, stress the need to keep feelings and opinions apart from the actual information and facts.
He said that because the government was aware of the problems with mining in Ghana, which date back more than a century, it undertook a difficult process to make sure that the country’s green minerals—of which lithium is one—benefited the populace.
Regarding that, the President demanded that before any talks started, a policy framework for the green minerals be created. Because of this, the regulatory framework that was created mandated a minimum royalty rate of 7%, which is greater than the 5% that is permitted for other minerals.
According to Mr. Jinapor, for example, the State would have 19% Free Carried Interest with the opportunity to scale up to a minimum of 30% in the Lithium Lease Agreement inked with Barari DV Ghana Limited.
“There is a 13 per cent royalties, higher than the 10 per cent in the previous agreement, 35 per cent corporate income tax, while one per cent of the Company’s revenues would go to Community Development Fund.”
“There is also a requirement to establish a refinery to process Lithium locally before export. The State also has 3% shares in the local company (Barari DV Ghana Ltd) and 6% in Atlanta Lithium global. More so, the Lease Agreement must go through Parliament for consideration and ratification before it can be validated.”
According to the Minister, Barari DV Ltd. has the option to either build a refinery on-site or contract with a third party to handle the processing of the lithium ore. That would allow the country to completely profit from the entire lithium exploitation value chain, he believed.
In her opening remarks, Madam Nafi Chinery, Africa Director of the Natural Resource Governance Institute, stated that the government will be able to obtain practical suggestions and input from the CSOs to direct the Parliamentary discussions on the proposed Lithium Agreement.
Along with improving public conversation, it would also help people comprehend the terms of the Agreement and give reliable information and data on the possible quality, value, and income expected from the mineral’s extraction.