Ghana Bauxite Company seeks $250m to expand mining operations

Ghana Bauxite Company Limited (GBC) has appointed Ecobank Ghana PLC to arrange up to USD 250 million in financing for its expansion programme, which aims to increase bauxite production and improve mining and logistics infrastructure.

The parties signed the agreement in Accra on October 28, 2026. Ecobank will structure the proposed financing and coordinate participation from other banks and financial institutions. The package includes a term loan and a revolving credit facility to cover capital investment and working capital.

The funds are expected to support investments in mining equipment, haulage capacity, materials-handling systems and other infrastructure at GBC’s Awaso operations in the Western North Region.

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GBC’s bauxite exports rose from 773,213 tonnes in 2022 to around 2.07 million tonnes in 2025, according to the company’s engineering and production records. The increase was supported partly by the introduction of surface-mining equipment and investment in operational capacity.

Ghana aims to expand its aluminium value chain

GBC’s expansion forms part of Ghana’s wider plan to develop an integrated aluminium industry, moving beyond raw bauxite exports towards domestic alumina refining, aluminium production and higher-value manufacturing.

Ghana currently mines bauxite at Awaso but does not have an operating domestic alumina refinery. Its aluminium smelting industry has therefore historically depended on imported alumina.

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IOP Group, GBC’s majority shareholder, has outlined plans to build an alumina refinery at Awaso. The proposed facility would initially produce 500,000 tonnes annually, with a longer-term target of around 1.5 million tonnes.

Under IOP Group Chairman and GBC Executive Chairman Isaac Ofori-Poku, the company has focused on improving productivity, increasing mining capacity and developing infrastructure to support its industrial plans.

Ofori-Poku said GBC’s development showed how Ghanaian businesses could turn the country’s natural resources into long-term economic value. He added that implementing the Integrated Aluminium Industry strategy would require technically sound projects, commercially viable operations, reliable infrastructure and sustained investment.

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Ecobank Ghana Managing Director Abena Osei-Poku said financial partnerships were important for businesses undertaking large development projects. She noted that such projects required capital, financial expertise and coordination between institutions and investors.

The proposed USD 250 million financing is intended to support the first phase of GBC’s mine and port expansion plans. However, the facilities remain subject to the financing and syndication process.