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Ghana Bauxite Company secures US$250m Ecobank deal for Awaso expansion
•2 min read•2 sources
Ghana Bauxite Company Limited (GBC) has officially appointed Ecobank Ghana PLC as the exclusive mandated arranger for a US$250 million financing package to support its large-scale expansion program. The agreement, signed in Accra on October 28, 2026, marks a significant step in GBC’s efforts to modernize its operations at the Awaso site in the Western North Region. The funding is structured to include both a term loan for capital expenditures and a revolving credit facility to provide necessary working capital for ongoing operations.
The capital injection is specifically targeted at enhancing mining equipment, boosting haulage capacity, and improving overall logistical infrastructure. This drive for efficiency follows a period of rapid growth for the company, which saw bauxite exports rise from 773,213 metric tonnes in 2022 to approximately 2.07 million tonnes by 2025. By upgrading its technical capabilities, GBC aims to sustain this production momentum and solidify its position as a key player in the global mineral market.
Beyond immediate operational upgrades, the financing is a critical component of Ghana’s Integrated Aluminium Industry (IAI) strategy. The expansion ensures a steady and sustainable supply of raw bauxite for a planned domestic alumina refinery, which is projected to have a production capacity of 1.5 million tonnes per year. This shift toward value-added processing is intended to reduce the nation's dependency on imported alumina and retain more economic value within the country.
GBC’s leadership, including Isaac Ofori-Poku, emphasized that this partnership with Ecobank demonstrates the capacity of Ghanaian businesses to manage and leverage the country’s natural resources for long-term industrial growth. The project is expected to generate numerous direct and indirect jobs, contributing to economic development in the Western North Region and beyond as the company transitions from raw ore exportation to integrated industrial processing.