Ghana Bauxite Company Limited (GBC) has secured a US$250 million financing arrangement with Ecobank Ghana PLC, a move aimed at expanding the Awaso mine to supply a future alumina refinery.
The agreement, signed on 28 October 2026, includes a term loan for capital expenditure and a revolving credit facility for working capital, with Ecobank acting as the exclusive mandated arranger on a best‑efforts basis.
GBC Director Robert Danso Boakye explained that the expansion will ensure the mine can sustainably supply the refinery once it is built. “You cannot just start the refinery when supply is not sorted. So we need to boost production at the mine first,” he said.
Under the plan, the refinery would require 4.5 million tonnes of bauxite to produce 1.5 million tonnes of alumina, which would in turn yield 750,000 tonnes of aluminium. The initial phase would process 500,000 tonnes per annum, scaling to 1.5 million tonnes.
GBC’s expansion follows a sharp rise in bauxite exports, which grew from 773,213 metric tonnes in 2022 to about 2.07 million tonnes in 2025, thanks to new surface‑mining equipment and broader operational investment.
Ofori‑Poku Company Limited, part of the IOP Group, has added roughly three thousand staff since taking over GBC. The refinery is expected to create 600‑700 direct jobs, with many more ancillary positions, according to MD Abena Osei‑Poku of Ecobank.
Chairman Isaac Ofori‑Poku highlighted the project as a private‑sector execution of Ghana’s Integrated Aluminium Industry strategy, aiming to move beyond raw bauxite exports and generate lasting economic value.
With the financing in place, GBC is poised to advance its integrated aluminium ambitions, potentially transforming Ghana’s resource sector and boosting local employment.
