IMANI Africa is urging Parliament to closely scrutinise the financial details of the Ewoyaa lithium project, warning that foreign partners could earn profit margins of up to 45% before taxes, far exceeding global industry standards.
The think tank’s founding president, Franklin Cudjoe, appealed during his appearance before the Parliamentary Committee investigating the recently withdrawn lithium agreement.
Cudjoe noted that the consortium’s own projections indicate that current lithium prices would generate much higher returns than originally anticipated, yet the partners are still seeking additional concessions from the government.
“Their own data shows that with current lithium prices, they will make about 45% margin before tax,” he told the Committee.
“At the time government was preparing to sign the agreement, the projected margin was only about 20%. Prices have since risen, so why are they still asking for more concessions?”
He argued that Ghana cannot base its mining agreements solely on figures provided by the companies involved.
IMANI wants Parliament to undertake an independent technical and financial assessment to ensure the country secures fair value from its natural resources.
The think tank compared the projected returns to margins made by major multinationals operating in Ghana, noting that even large firms typically record profits of about 10–15%, not the 40–45% projected in the lithium deal.
Mr Cudjoe warned that although the government has withdrawn the agreement, the companies are likely to continue lobbying for incentives unless future negotiations are grounded in data vetted by independent experts.
Committee Chair Collins Dauda acknowledged the concerns raised and said Parliament would require further information and expert analysis before considering any new framework for the lithium project.
