Ghana Bauxite, Ecobank sign $250m landmark deal to boost local processing
Ghana Bauxite Company Ltd (GBC) has signed a landmark $250-million funding agreement with Ecobank Ghana to finance its expansion and modernization drive.
Under the agreement, Ecobank Ghana will act as the exclusive mandated lead arranger to raise the funds to support the company’s growth plans, including the modernization of its mine at Awaso.
The deal is expected to significantly strengthen GBC’s production capacity and accelerate Ghana’s ambition to add value to its bauxite locally, rather than exporting the raw ore.
The funding will go into new equipment, infrastructure upgrades, and improved mining operations at Awaso, positioning the company to increase output and improve efficiency.
The agreement was signed by Mrs. Abena Osei-Poku, Managing Director of Ecobank Ghana, and Mr. Isaac Ofori-Poku, Group Chairman of IOP Group and Executive Chairman of Ghana Bauxite Company.
Speaking at the signing ceremony, the leadership of both institutions described the partnership as a major vote of confidence in Ghana’s mining sector and a strategic step towards industrial transformation.
The $250-million facility is one of the largest private financing deals in Ghana’s bauxite industry in recent years and is expected to create jobs, boost local content, and support the government’s policy on integrated bauxite and aluminium development.
Operations at the Awaso mine, which has been a major source of bauxite for decades, are expected to see major upgrades following the injection of the new funds.
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