The Minister of Lands and Natural Resources, Samuel Abu Jinapor, confirmed on Friday that the President of the Ghana Olympic Committee (GOC), Ben Nunoo Mensah, is the beneficial owner of the 4.4 percent shareholding in Barari DV Ghana Ltd, a subsidiary of Atlantic Lithium Limited.
He clarified that Mr. Nunoo Mensah’s ownership dates back to 2012, asserting that no member of the Akufo-Addo-led Government possesses shares in Barari DV Ghana, as previously speculated.
The minister’s response came after Sammy Gyamfi, the Communication Officer of the National Democratic Congress (NDC), challenged the Government to disclose the identity of the individual holding a 4.4 percent stake in Barari DV Ghana Ltd.
During a stakeholder engagement with civil society organizations in Accra on the Lithium deal, Mr. Jinapor stated that the Government is transparent about the Lithium Lease Agreement and remains committed to ensuring that Ghanaians reap the ultimate benefits of the country’s resources.
“As the debate continues regarding the Lithium Lease Agreement involving academia, civil society organizations, and so forth, the platform is open for dialogue, discussion, and brainstorming on the management of our natural resources to bring progress,” he said.
“And I believe with our collective wisdom, we can have a positive way forward.”
However, the minister emphasized the importance of separating opinions and emotions from real facts and data.
He highlighted the government’s awareness of the historical issues surrounding mining in Ghana and the meticulous process it underwent to ensure that green minerals, including Lithium, bring maximum benefits to the people.
In the Lithium Lease Agreement with Barari DV Ghana Limited, Mr. Jinapor outlined key provisions, including a 19 percent Free Carried Interest with the option to scale up to a minimum of 30 percent for the State.
The agreement also stipulates a 13 percent royalty (higher than the previous 10 percent), 35 percent corporate income tax, and one percent of the company’s revenues allocated to the Community Development Fund.
“There is a 13 percent royalty, higher than the 10 percent in the previous agreement, 35 percent corporate income tax, while one percent of the Company’s revenues would go to the 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 Atlantic Lithium global.”
“More so, the Lease Agreement must go through Parliament for consideration and ratification before it can be validated.”
Additionally, the agreement mandates the establishment of a refinery for processing Lithium locally before export. The State holds 3% shares in the local company (Barari DV Ghana Ltd) and 6% in Atlantic Lithium global. The Lease Agreement is subject to parliamentary consideration and ratification.
Addressing the local processing of lithium ore, the Minister emphasized the importance of establishing a refinery locally to fully benefit from the value chain of lithium exploitation.
Madam Nafi Chinery, Africa Director at the Natural Resource Governance Institute, highlighted the engagement with civil society organizations as an opportunity for the government to receive actionable recommendations and inputs to guide parliamentary debates on the proposed Lithium Agreement.
Participants also called for amendments to the country’s mining and mineral laws to align with the terms agreed upon in the Lithium Agreement.