Parliament has ratified the Mining Lease Agreement between the government and Barari DV Ghana Limited for the extraction of lithium and other minerals in the Mfantseman Municipality of the Central Region.

The Agreement was presented to Parliament in December last year by the Minister of Lands and Natural Resources, Emmanuel Armah Kofi Buah, and was subsequently referred by the Speaker to the Committee on Lands and Natural Resources for consideration and reporting.

This followed an earlier withdrawal of the agreement in November to allow for broader stakeholder consultations.

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After a heated debate, the House approved the agreement on Thursday by a majority vote following the adoption of the committee's report, despite opposition from the Minority.

According to the committee's report, Barari DV Ghana Limited is required to pay annual ground rent to the Office of the Administrator of Stool Lands and comply with all applicable tax laws.

The Minerals Income Investment Fund will also take an equity stake in the project, while the company must adhere to Ghana's environmental protection laws.

The report further states that the company will pay royalties of up to 12 per cent to the government through the Ghana Revenue Authority under a sliding scale mechanism.

Additionally, the agreement mandates the company to allocate one per cent of its annual revenue to a community development fund for affected communities.

The company is also expected to establish a chemical plant in Ghana to refine lithium concentrate or supply it to existing plants if unable to do so.

It must employ local expertise and conduct a feasibility study within six months.