Policy Analyst and Natural Resource Governance Expert, Dr Steve Manteaw, has cautioned Ghanaians against overstating the economic significance of lithium compared to the country’s gold sector, describing the political debate over the revised Atlantic Lithium agreement as overly sentimental and potentially harmful to investment confidence.

Speaking on The Pulse on Joy News, Dr Manteaw commented on the revised lithium deal, recently resubmitted to Parliament for ratification by Lands Minister Emmanuel Armah-Kofi Buah. He highlighted that while lithium prices have fallen sharply—from about $3,000 to $850 per ton globally—the debate over the fiscal terms of the agreement should not be driven by politics or emotion.

“We are happy to take 5% royalty for gold, which generates billions for the country, yet condemn 10% royalty for lithium, whose value is nowhere near that of gold. This is driven more by sentiment than by objective assessment,” he said.

Dr Manteaw emphasised that Ghana’s gold sector continues to produce significantly higher revenues. Last year alone, gold brought in more than $2 billion, and rising prices could push this figure above $3 billion. In contrast, even Zimbabwe, Africa’s leading lithium producer, earns a maximum of about $400 million annually from lithium.

He argued that focusing on lithium as a “last hope” for transforming Ghana’s economy is misplaced. “God blessed this country with gold. We’ve produced it for over 100 years, yet the sector has not fundamentally changed our economic trajectory. If gold couldn’t transform Ghana, lithium alone will not do it,” he said.

Dr Manteaw also warned that the political back-and-forth over the lithium deal sends the wrong signal to international investors. Delays in ratification, compounded by fiscal disputes, risk portraying Ghana as a hostile investment environment at a time when financing is critical for both exploration and local development.

“If investors cannot proceed with their projects due to political interference, how will they repay loans or invest in local communities? The international community is watching,” he added.

While acknowledging that those pushing for higher lithium royalties are well-intentioned, he insisted the conversation should be grounded in data and science, not political competition.  He also noted that the NPP is right to want to pay back the NDC in their own coin, but it’s the nation that suffers. Can we look forward and consider what is in the best interest of Ghana? You cannot maintain the fiscal regime that was negotiated by the previous government, because of the collapse of lithium prices. 

Dr Manteaw concluded by urging Ghanaian policymakers to adopt a pragmatic approach, adjusting the fiscal terms to make lithium projects viable while learning lessons from gold management, including the need for structured revenue frameworks, stabilisation funds, and careful environmental oversight.