Civil Society Organisation, the Natural Resource Governance Institute (NRGI) has urged the government to exercise caution in granting tax reliefs to Atlantic Lithium, noting that Parliament never ratified the company’s original 2023 agreement.

The Institute emphasised that any fiscal adjustments must be grounded in verified data rather than company-provided figures.

This call comes as Atlantic Lithium seeks revised fiscal terms for its Ewoyaa Lithium Project, citing falling global lithium prices – just as Ghana’s Parliament prepares to ratify the final stage of the company’s mining lease.

Speaking to Citi News on Tuesday, July 23, 2025, Dennis Gyeyir, NRGI’s Country Manager, urged the government to strengthen tax regulations, prevent transfer pricing, and enforce cost controls in any revised agreement.

He cautioned, however, that tax concessions should not be granted without rigorous scrutiny.

“Any tax relief should not be granted without checks, because the country could end up losing significant revenue. Our recommendation is that any decision must be carefully and strategically considered. If Ghana decides to offer relief, it should not be a blanket concession,” he stated.

Mr. Gyeyir proposed a flexible tax regime that adjusts in response to global lithium prices rising when prices increase and easing when they decline to safeguard Ghana’s long-term economic interests.

He also stressed the importance of full transparency regarding the company’s cost assumptions, noting that any renegotiations must be based on evidence, not corporate claims.

NRGI further insists that agreed community benefits including ownership stakes and compensation arrangements must remain intact. “The community share must not be diluted. It is one of the few mechanisms that ensure local people benefit from the project,” Mr. Gyeyir emphasised.

He reiterated the need for a tighter tax and regulatory framework, calling for clauses to prevent transfer pricing and for strict cost control measures to be embedded in any new agreement.

NRGI’s call comes on the back of Atlantic Lithium’s decision seeking to revise the fiscal terms of its Ewoyaa Lithium Project in response to declining global lithium prices.

The mining firm is in talks with Ghanaian authorities to adjust the original terms of the lease granted in October 2023 when lithium prices were at a high to reflect current market realities and safeguard long-term benefits for both the country and investors.

During a parliamentary session on July 16, 2025, Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, confirmed that Cabinet had given the green light for negotiations on the lease’s fiscal terms ahead of its final approval in Parliament.

He highlighted the project’s potential to stimulate job creation and economic growth, particularly in the Central Region.