Isaac Ofori-Poku exchanging the agreement with Ecobank Ghana MD Abena Osei-Poku, as other officials look on
Ghana Bauxite Company Limited (GBC) has signed a financing mandate with Ecobank Ghana PLC for proposed facilities of up to US$250 million to expand and modernise its mining operations at Awaso in the Western North Region.
The proposed financing will support capital expenditure, working capital requirements and improvements to logistics infrastructure as the company seeks to increase production capacity and strengthen operational efficiency.
Under the agreement, Ecobank Ghana has been appointed the exclusive mandated arranger responsible for structuring the proposed facilities and coordinating the participation of prospective banks and other financial institutions.
The arrangement comes as Ghana seeks to move beyond exporting raw bauxite towards developing an integrated aluminium industry encompassing mining, alumina refining, aluminium smelting and downstream manufacturing.
Speaking at the signing ceremony, the Executive Chairman of GBC and Chairman of IOP Group, Isaac Ofori-Poku, said the company’s transformation demonstrated the contribution Ghanaian businesses could make to national industrial development through investment and operational discipline.
“Our responsibility is to demonstrate that Ghanaian businesses can do more than participate in the extraction of our natural resources. We can build and manage the industrial platforms required to transform those resources into lasting economic value,” he said.
He said the development of an integrated aluminium industry required projects that were technically credible, commercially viable and capable of successful execution.
At GBC, he added, the priority was to increase operating capacity, improve infrastructure and mobilise the investment needed to sustain the company’s growth.
The Managing Director of Ecobank Ghana, Abena Osei-Poku, said strong financial partnerships were essential to advancing ambitious African businesses and supporting sustainable economic growth.
She said transformative projects required not only capital but also financial expertise and the ability to bring institutions and investors together.
Ms. Osei-Poku said Ecobank would deploy its structuring capabilities and pan-African network to support the financing process.
The proposed facilities, comprising a term loan and a revolving credit facility, are intended to finance GBC’s expansion plans and working capital needs. Ecobank will coordinate the syndication process and engage prospective financial institutions.
GBC’s recent production performance provides an indication of the expansion undertaken by the company.
According to its engineering and production records, bauxite exports increased from 773,213 metric tonnes in 2022 to approximately 2.07 million tonnes in 2025.
The company attributed the growth partly to the introduction of surface-mining equipment and a broader programme of operational investment.
However, sustaining higher output will require improvements in material handling, transportation and supporting infrastructure to ensure that increased production can be managed efficiently and at competitive costs.
Beyond mining expansion, the company’s broader industrial strategy includes plans by IOP Group to establish an alumina refinery at Awaso.
The proposed refinery will have an initial production capacity of 500,000 tonnes of alumina annually, with a longer-term target of approximately 1.5 million tonnes.
Ghana currently mines bauxite but does not have an operating domestic alumina refinery. The country’s existing aluminium smelting industry has historically relied on imported alumina, leaving a gap between local bauxite extraction and aluminium production.
GBC said the proposed refinery could help bridge that gap by creating a domestic link between bauxite mining and alumina processing, potentially attracting further investment and supporting downstream manufacturing.
However, the refinery plans remain at the development stage, and the statement did not establish that the project had secured financing or reached a final investment decision, according to the company.
GBC indicated that its expansion and the proposed refinery form part of a wider industrial ambition that will also require efficient transport infrastructure, reliable power supply, technically viable processing facilities and access to long-term capital.
A Daily Guide Report