HomeHeadlineGhana's Lithium Potential: Ranked 5th in Africa with Vast Deposits

Ghana’s Lithium Potential: Ranked 5th in Africa with Vast Deposits

Lithium development projects are poised to expand across Africa, with Ghana ranking 5th on the continent for its substantial lithium deposits.

According to Fitch Solutions, the Ewoyaa project mine is set to commence production in 2025, marking a significant milestone in the region’s lithium sector.

“In the next decade, mining companies are expected to increase exploration activities in other markets within the region, including Namibia, Mali, Ghana, and the Democratic Republic of the Congo (DRC). However, challenges such as resource nationalism, legal complexities, and political instability may hinder the progress of new lithium projects,” stated the London-based firm.

In June 2023, Australian firm Atlantic Lithium disclosed the findings of its definitive feasibility study (DFS) for the Ewoyaa site, projecting a capacity to produce 3.6 million metric tonnes (mnt) of spodumene concentrate over a 12-year mine life.

The Democratic Republic of the Congo leads Africa with abundant lithium resources, followed by Mali, Zimbabwe, and Namibia in 2nd, 3rd, and 4th places respectively.

Lithium is a critical raw material essential for the transition to a sustainable economy, and efforts to diversify lithium sources are expected to attract foreign investments into Africa in the years ahead, as major economies seek to secure their battery supply chains.

“Fitch Solutions anticipates that mining firms will expand exploration efforts across Africa, including markets such as Zimbabwe, Namibia, Mali, Ghana, and the Democratic Republic of the Congo (DRC). This encompasses all African markets with known lithium reserves, those currently producing lithium like Zimbabwe, as well as those undergoing lithium developments,” added Fitch Solutions.

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