“I’m very happy to inform you that we’ve worked closely with the Attorney General,” he said. “Once we finish with Cabinet, we’ll be coming to Parliament with a new instrument that will permanently lay a complete comprehensive guideline on royalties—not only in the lithium sector, but in all minerals.”

Mr. Buah explained that the updated framework is necessary to address lessons learned in recent years and to ensure that Ghana’s mineral revenue system remains fair, competitive, and responsive to global economic changes.

“It’s very important we do so, having learnt lessons as we go forward,” he noted. “I thought this is the opportunity for us to review that, and I’m happy to inform you that I’ve taken the steps to do exactly that.”

The Minister revealed that the global downturn in lithium prices has significantly affected several major projects worldwide—including Ghana’s own lithium venture.

“The recent downturn in global lithium prices has put several lithium projects around the world on hold,” he said.

“This project that we are talking about is no exception. Jobs will be lost, jobs that had been planned to be created will not come up, and the local economy will clearly be affected.”

He stressed that these new market pressures have made it necessary for the government to review its fiscal approach in order to protect national interest and maintain investment viability.

“This new market reality necessitates a review of the fiscal terms to protect the national interest,” he emphasised.

Mr. Buah disclosed that traditional leaders, lawmakers, and other stakeholders have urged the government to ensure the project proceeds, citing its importance to the Central Region and the country at large.

“Before we even got here, the entire House of Chiefs of the Central Region visited His Excellency the President,” he said. “They made a strong case on why this project cannot stop and why it is critical for the Central Region and, frankly, the people of Ghana.”

He added that the President has called for consensus to ensure that the lithium project continues while safeguarding the nation’s benefits.

“The President invited all of us and, as usual, his question was: How do we go forward? What is the solution? How do we find a path forward that makes sure the project goes on and at the same time Ghana wins?”

Mr. Buah said the current global developments have highlighted the limitations of Ghana’s fixed royalty system, making reform essential.

“The recent market developments have underscored the limitations of a static royalty system,” he said. “Clearly, it is therefore incumbent upon us to consider a more responsive mechanism.”

He assured the public that the forthcoming instrument will provide clarity, fairness, and long-term stability for both Ghana and investors in the country’s mineral sector.