Investment In Critical Minerals To Position Ghana As EV & Battery Production Hub- MIIF Boss

Chief Executive Officer of the Minerals Income Investment Fund (MIIF), Edward Nana Yaw Koranteng has hinted of plans to leverage on the Ghana Automobile Development policy to position the country as a hub for electric vehicles (EVs) and battery production in the sub-Saharan Africa region.

MIIF has agreed a two-part capital investment totaling $32.9 million in the first ever lithium mine to be developed in Ghana at Eyowa in the Mfantseman municipality.

In the wake of energy transition advocacy which is urging shift from dependence on hydrocarbons to greener sources of energy with the adoption of electric vehicles high on the agender, Mr Koranteng said the long-term vision is to develop EVs and establish Ghana as a center for EVs and solar batteries with its critical minerals resources.

This according to him is the motivation for MIIF’s investment in Ghana’s critical mineral exploration activities.

Mr Nana Yaw Koranteng disclosed this in an interview with EAGLEGHANA.COM after he appeared before the Public Accounts Committee of Parliament House.

The MIIF Boss underscored the potential of critical minerals such as lithium, graphite, iron ore and manganese in solidifying Ghana’s status as a battery hub for the sub-region.

“MIIF is thinking long term, we are looking at how we can leverage Ghana Automobile Development policy to support the automobile sector into developing EVs, to serve the entire sub-Saharan

region, we looking at making Ghana the hub for solar batteries and other batteries, a centre where critical minerals could be studied, so we looking at a full 360”, he said.

On the debate surrounding MIIF’s investment in Ghana;s lithium find, he urged the public to appreciate local content particiapation and benefits of critical mineral for the country’s future.

He also assured of his outfit’s commitment and readiness to pursue sound investment decisions for the benefit of the country.

“This is something that Ghana should invest in, lithium is of security and strategic importance, is the mineral of the future, and is a very important critical mineral.

If you take lithium out and look at another critical mineral like graphite that MIIF is seeking to invest in in the North, we have iron ore and manganese, all these minerals put together could easily make Ghana the battery hub for sub-Saharan Africa,  and this is where the world is transitioning into, the whole decarbonization agenda rest on minerals like lithium, so we have to pay particular attention to.”

Moreover, the discovery of graphite in Northern Ghana adds to the country’s mineral wealth, prompting MIIF’s exploration for investment opportunities in the sector. Plans for graphite investment are underway, with detailed reports expected by the second quarter to further cement Ghana’s role in the battery industry.

 About MIIF

MIIF is Ghana’s sovereign minerals fund mandated by the Minerals Income Investment Fund Act 2018, (Act 978) as amended, to maximise the value of dividends and royalties income accruing to the Republic in a beneficial, accountable and sustainable manner and to monetize Ghana’s mineral wealth in a manner that will secure the future wealth of the country.

At present, MIIF receives royalties from at least ten minerals currently being mined in Ghana including Gold, Manganese, Limestone and Diamonds. MIIF has equity stake in Asante Gold Corporation, a Canadian company trading on the Canadian, Frankfurt and Ghana Stock Exchanges. All of Asante Gold’s assets including the Bibiani and Chirano gold mines are domiciled in Ghana. The Fund also recently invested in the Injaro Venture Capital Trust Fund targeting the value chain delivery process for Ghanaians in mine support services.

By: Christian Kpesese