GBC Signs $250m Mega Deal With Ecobank …Targets Production Of 1.5m Tonnes Per Year From The Expansion Project

The Ghana Bauxite Company Limited (GBC) and Ecobank Ghana PLC have signed a US$250 million financing arrangement in Accra to facilitate expansion and modernisation of the former’s mining operations at Awaso, in the Western North region.

The move is expected to strengthen production capacity and support Ghana’s ambition to process more of its bauxite locally.

The agreement appoints Ecobank Ghana as the exclusive mandated arranger responsible for structuring the proposed financing and coordinating the participation of prospective banks and other financial institutions.

GBC Executive Chairman exchanging pleasantries with Ecobank MD

The facilities are intended to support GBC’s mine expansion capital expenditure and working capital requirements as the company builds on recent production growth and prepares for the next phase of its operations.

The financing arrangement comes as Ghana seeks to move beyond exporting raw bauxite towards developing a fully integrated aluminium industry covering mining, alumina refining, aluminium smelting and downstream manufacturing.

GBC, which occupies a strategic position in the industry is operating an established mining asset at Awaso, supported by existing infrastructure, an experienced workforce, operational data and access to international bauxite markets.

***GBC Executive Chairman ***

Under the leadership of Mr. Isaac Ofori-Poku, Chairman of IOP Group and Executive Chairman of GBC, the company has pursued transformational programmes focused on strengthening mining capacity, improving productivity and developing the operational and infrastructural base needed to sustain higher production.

The Ecobank mandate represents a step towards mobilising institutional financing to support that programme.

Speaking at the signing ceremony, Mr. Ofori-Poku said the transformation of GBC demonstrated the contribution Ghanaian businesses could make when national industrial ambitions were supported by investment, operational discipline and a long-term commitment to development. “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 added that the Integrated Aluminium Industry is a national ambition which realisation depends on projects that are technically credible, commercially viable and capable of being executed.

According to him, GBC’s focus is on translating that ambition into increased operational capacity, improved infrastructure and investment.

***Proposed US$250m Ecobank facilities ***

Abena Osei-Poku, Managing Director of Ecobank Ghana PLC, for her part said the transaction demonstrated the role strong financial partnerships could play in advancing ambitious African enterprises.

“Transformative projects require more than capital. They require financial expertise, the ability to bring institutions and investors together, and partners who understand both the opportunity and the responsibility that comes with delivering at scale.

‘Africa’s ambitions must be matched by Africa’s capacity to mobilise capital and build partnerships that enable sustainable growth.

“We value the confidence Ghana Bauxite Company has placed in Ecobank and are committed to bringing the full strength of our institution and our network to this partnership,” she said.

The proposed financing, comprising a term loan and revolving credit facility, will support capital investment and working capital requirements associated with GBC’s plans to increase mining capacity, strengthen logistics infrastructure and enhance operational efficiency.

Isaac Ofori-Poku, Chairman of IOP Group and Executive Chairman of GBC

Under the mandate, Ecobank will structure the proposed facilities, engage prospective financial institutions and manage the syndication process, leveraging its structuring capabilities, pan-African network and access to local and international capital markets.

***Production growth and expansion ***

GBC’s recent production performance provides an indication of the progress made in strengthening its operations.

According to the company’s engineering and production records, bauxite exports increased from 773,213 metric tonnes in 2022 to approximately 2.07 million tonnes in 2025.

To sustain the growth and improvement in the company’s output, additional mining equipment and manpower are required hence GBC’s move to ensure that mining operations, material-handling facilities, transportation arrangements and supporting infrastructure can accommodate larger volumes reliably and at globally competitive costs under.

***Planned refinery of bauxite locally ***

Beyond increasing bauxite production and exports, IOP Group’s broader industrial development strategy and GBC’s wider objective is to help establish an alumina refinery for domestic processing of bauxite mined at Awaso.

The project envisages an initial production phase of 500,000 tonnes of alumina annually, with a longer-term ambition of reaching approximately 1.5 million tonnes per year.

It also targets creating an important link between bauxite mining and alumina production, opening up opportunities for further industrial investment and downstream manufacturing as well as ensuring that Ghana retains a greater share of the economic value from local processing of its mineral resources.

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