MIIF aims to propel Ghana as Africa’s electric vehicle hub …explores automobile dev’t policy for EVs and battery production

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

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

Speaking with Business24/Investment Times in an interview on the sidelines of his outfit’s appearance at the Public Accounts Committee sitting at Parliament House, he said “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, Koranteng underscored the potential of these minerals, alongside iron ore and manganese, to solidify Ghana’s status as a battery hub for the region. Despite debates surrounding lithium investment, MIIF stresses its significance and readiness to support local content policies.

“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 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 decarbonization agenda rest on minerals like lithium, so we have to pay particular attention to.”

Moreover, 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.

By Eugene Davis