Elon Musk, the world’s wealthiest individual, is poised to visit Ghana to propose a more favorable arrangement to the government regarding the mining of the recently discovered lithium deposit in Mfantseman, Central Region.
This business trip by the CEO of Tesla and SpaceX comes in response to the Ghanaian government’s decision to lease mining rights for lithium to the Australian government for a 15-year period, receiving a modest 13% share within that duration.
Initial estimates indicate that Ghana could potentially become a trillion-dollar economy in 15 years if the government invested approximately $200 million in lithium mining instead of outsourcing to a third party and receiving a less favorable return.
Experts also contend that the lithium industry, being a multi-billion-dollar sector, could potentially generate not less than $100 billion annually for Ghana over the next 15 years.
Given Elon Musk’s role as a manufacturer of highly sought-after electric vehicles, this presents a lucrative business opportunity for him to lead the charge in mining Ghana’s lithium for the next 15 years and offer an irresistible proposal to the Ghanaian government.
Under the existing agreement with the Australian company Barari DV, Ghana stands to make only $6 billion over the next 15 years. However, by taking control of the mining process or negotiating a more advantageous deal, Ghana could potentially transform its economic prospects.
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