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

In light of a recent World Bank report advocating for wider EV adoption, Mr. Koranteng emphasised the long-term vision to develop EVs and establish Ghana as a center for critical minerals and solar batteries.

Speaking with Journalists on the sidelines of his outfit’s appearance at the Public Accounts Committee sitting at Parliament House, he said MIIF is looking at leveraging the recently launched automobile policy together with the exploration of lithuim in the Central Region of Ghana to make this move.

“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.”

Highlighting the importance of lithium and graphite, he underscored the potential of these minerals, alongside iron ore and manganese, to solidify Ghana’s status as a battery hub for the region.

“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 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 de-carbonization agenda rest on minerals like lithium, so we have to pay particular attention to it” he said.

Moreover, Mr. Koranteng said 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.