Business News of Thursday, 5 December 2024
Source: www.ghanawebbers.com
The global shift towards cleaner energy and net-zero emissions by 2050 has driven a surge in lithium demand, vital for rechargeable batteries powering electric vehicles and electronics.
Lithium consumption grew 27% in 2023 to 180,000 tons. While Australia, Chile, and China dominate 90% of global production, Africa holds 5% of the world's reserves, showcasing significant untapped potential.
Zimbabwe leads Africa’s lithium mining efforts, with key projects like Arcadia, Bikita, and Zulu supported by Chinese investments. Other prominent projects are in the DRC, Ghana, Mali, South Africa, and Namibia.
South African President Cyril Ramaphosa has proposed leveraging Nigeria’s lithium reserves for EV battery production to drive industrialization. However, concerns about the environmental impact of mining persist as African countries pivot from oil dependency to mineral-based economies.