Ghana Bauxite Company Limited has issued a comprehensive statement rebutting claims that the acquisition of an 80% controlling stake by Ofori-Poku Company Limited (OPCL) was improper or lacked transparency.
The company’s Corporate Affairs Directorate stated that all aspects of the share purchase from the Bosai Group were conducted strictly in accordance with Ghanaian law, with full regulatory oversight from the Minerals Commission and the Ghana Investment Promotion Centre.
Background
OPCL completed its acquisition of the 80% stake in GBC in 2021, with the transaction involving the purchase of the shareholding previously held by the China-based Bosai Group. The remaining 20% continues to be held by the Government of Ghana through the Ghana Integrated Aluminium Development Corporation (GIADEC).
Following the acquisition, a number of public commentators — including legal practitioner Moses Foh-Amoaning Kpebu — raised questions about the process and called for a forensic audit. GBC responded directly and publicly to each allegation.
Company Position
In multiple public statements, GBC affirmed:
- The acquisition was a purely commercial transaction conducted at fair market value
- All required regulatory approvals were obtained prior to completion
- The Minerals Commission was fully informed and involved at each stage
- Due diligence was conducted by independent advisors on both sides of the transaction
- The transaction resulted in Ghana’s first and only operating bauxite mine passing to majority indigenous Ghanaian ownership — a fact the company described as a milestone for resource nationalism
Executive Chairman Mr. Isaac Ofori-Poku stated: “We welcome scrutiny of our business. What we refute is any suggestion of impropriety. The acquisition was transparent, legal, and in the national interest. It is a source of pride that Ghana’s bauxite mine is now majority owned by Ghanaians.”
Parliamentary Ratification
The acquisition’s legitimacy was subsequently reinforced by the unanimous ratification by the Parliament of Ghana of GBC’s 30-year mining lease in 2024 — a constitutional-level affirmation of GBC’s operating right that represents the highest form of legal recognition available under Ghanaian law.