The Ghana Chamber of Mines is calling on Parliament to expedite the ratification of Atlantic Lithium Limited’s Ewoyaa mining lease, cautioning that further delays could have serious consequences for the company and its stakeholders.

The Chamber also suggested that the terms of the lease may require a review, given the recent slump in global lithium prices.

Since 2016, Atlantic Lithium has invested approximately $70 million into the development of what is set to become Ghana’s first lithium mine. The project, located in the Central Region, was expected to position Ghana among the world’s top 10 producers of spodumene concentrate, a key source of lithium.

However, a sharp decline in lithium prices—dropping by more than 80 percent from their peak in November 2022—has cast a shadow over the project’s future prospects.

In an interview with Citi Business News, the Acting CEO of the Chamber, Ahmed Dasana Nantogmah, stressed the urgent need for ratification to prevent further disruptions.

“When you look at the concessions under the deal, the precious price concessions were different. Now the prices have fallen. They have to look at it,” Nantogmah explained. “Recently, Atlantic Lithium had to lay off staff because of the delay, so you can understand the repercussions. Any contracts that were signed while awaiting ratification may now have to be abrogated or renegotiated.

“The impact is significant across the entire value chain—for stakeholders, companies, and even communities that were anticipating income and employment opportunities. These benefits will remain stalled until the deal is ratified in a way that is both economically and socially sustainable.”

Nantogmah also expressed the Chamber’s support for the government’s decision to implement a one-year transitional arrangement with Gold Fields regarding the takeover of the Damang Mine.

“We believe it opens the door for negotiations, dialogue, and broader stakeholder engagement, demonstrating that Ghana is a law-abiding country where concessions cannot be forcibly taken. Agreements must be reached through negotiation and mutual understanding,” he said.

“This is a positive development, and we look forward to continuing dialogue that will shape the policy direction of Ghana’s mining industry.”