Ghana Bauxite Company Limited (GBC) has signed a $250 million financing arrangement with Ecobank Ghana PLC to expand its Awaso mine ahead of its planned alumina refinery.
The deal forms part of Ghana’s ambition to develop an Integrated Aluminium Industry (IAI), moving the country beyond exporting raw bauxite towards producing alumina, aluminium and higher-value manufactured products.
Under the agreement, Ecobank Ghana PLC will act as exclusive Mandated Arranger, on a best-efforts basis, for facilities of up to $250 million. The bank will structure the facilities, engage prospective financial institutions and manage the syndication process, leveraging its pan-African network.
According to local media reports, the arrangement comprises a term loan for capital expenditure and a revolving credit facility for working capital.
Speaking after the signing of the mandate, GBC Director Robert Danso Boakye said the expansion is aimed at ensuring the mine can sustainably supply the refinery when constructed.
“This is a big mine. You cannot just start the refinery when supply is not sorted. So we need to boost production at the mine first,” he said.
He explained that the refinery will require 4.5 million tonnes of bauxite to produce 1.5 million tonnes of alumina, which will in turn yield 750,000 metric tonnes of aluminium.
“If you do three metric tonnes of bauxite, you have one metric tonne of alumina. Two metric tonnes of alumina gives you one metric tonne of aluminium. And that is what you use for roofing sheets, cooking utensils, aeroplanes, all the downstream aluminium products,” he said.
The long-term plan is a refinery with an initial 500,000 tonnes per annum in the first phase, scaling to 1.5 million tonnes.
Speaking at the signing, Managing Director of Ecobank Ghana, Abena Osei-Poku, said: “Transformative projects require more than capital. They require financial expertise, the ability to bring institutions and investors together.”
The financing comes as GBC ramps up production. Mine data shows bauxite exports increased from 773,213 metric tonnes in 2022 to approximately 2.07 million tonnes in 2025, reflecting improved mining capacity supported by new surface-mining equipment and operational investment.
Mr Danso Boakye noted that Ofori-Poku Company Limited (OPCL), a member of the IOP Group, has employed about 3,000 additional staff since taking over the company.
He added that more direct jobs are expected through the expansion and proposed refinery.
“When we build a refinery, technical people, engineers, scientists will be employed. About 600 to 700 direct jobs will be created. That is direct that you can count. But the ancillary ones would be more,” he said.
For decades, Ghana’s Integrated Aluminium Industry strategy has sought to move beyond raw bauxite exports.
