A press release published last Tuesday, November 5 indicates that the Ghana Sovereign Mining Fund (Minerals Income Investment Fund or MIIF) wants to invest $2 million in Castle Minerals, owner of the largest graphite project in Ghana.

The planned financing is part of Accra's strategy to produce electric batteries locally and would make MIIF the largest shareholder in Castle. According to an estimate published in October 2023, the project hosts 1.9 million tons of graphite. The terms of the MoU with Castle provide that the MIIF will have the preferential right to purchase up to a maximum of 50% of graphite production. According to Edward Nana Yaw Koranteng (photo), CEO of MIIF, “this investment is part of the Ghanaian government's policy on strategic minerals and its ambition to create the first lithium ion battery manufacturing plant in the sub-Saharan region”. Selon un rapport de la BAD , written by Louis-Nino Kansoun, indicates that “electric battery production in Africa is a major challenge, but not impossible to overcome. Supportive government policies, adequate infrastructure, technical expertise, and international cooperation are critical to success.”