Ghana Bauxite Company Limited (GBC) has appointed Ecobank Ghana PLC as the exclusive mandated arranger for proposed financing facilities of up to US$250 million to support its expansion programme.

The financing is expected to strengthen the company’s mining operations and contribute to Ghana’s ambition of developing an integrated aluminium industry.

The mandate was formalised at a signing ceremony in Accra on Wednesday, October 28, 2026. Under the agreement, Ecobank will structure the proposed facilities and coordinate participation by prospective banks and other financial institutions.

The financing package comprises a term loan and a revolving credit facility to fund capital investment and working capital as GBC seeks to increase production, improve operational efficiency and strengthen its logistics infrastructure.

The agreement comes as GBC intensifies efforts to expand its operations at Awaso in the Western North Region and prepare for its next phase of growth.

The proposed financing will support investments in mining equipment, haulage capacity, materials-handling systems and other infrastructure required to sustain higher output.

According to the company’s engineering and production records, bauxite exports increased from 773,213 metric tonnes in 2022 to approximately 2.07 million tonnes in 2025. The growth was supported partly by the introduction of surface-mining equipment and investments in operational capacity.

Beyond increasing bauxite production, the expansion forms part of broader efforts to deepen Ghana’s participation in the aluminium value chain.

The country’s Integrated Aluminium Industry strategy aims to move beyond raw bauxite exports towards domestic alumina refining, aluminium production and higher-value manufacturing.

Ghana currently mines bauxite at Awaso but has no operating domestic alumina refinery. The country’s existing aluminium smelting industry has therefore historically relied on imported alumina.

To address this gap, IOP Group, GBC’s majority shareholder, has outlined plans to establish an alumina refinery at Awaso, with an initial production target of 500,000 tonnes annually and a longer-term ambition of approximately 1.5 million tonnes per year.

Under the leadership of IOP Group Chairman and GBC Executive Chairman, Isaac Ofori-Poku, the company has pursued a strategy focused on improving productivity, strengthening mining capacity and developing infrastructure to support its long-term industrial plans.

Ofori-Poku said GBC’s transformation demonstrated the role Ghanaian businesses could play in converting the country’s natural resources into lasting economic value.

He noted that achieving the objectives of the Integrated Aluminium Industry strategy would require technically sound projects, commercially viable operations, reliable infrastructure and sustained investment.

Ecobank Ghana Managing Director, Abena Osei-Poku, said the transaction highlighted the importance of strong financial partnerships in helping African businesses realise ambitious development plans.

She explained that transformative projects required not only capital but also financial expertise and the ability to bring institutions and investors together.

Osei-Poku added that Ecobank valued the confidence GBC had placed in the bank and was committed to bringing its institutional capabilities and network to the partnership.

The proposed US$250 million facilities are intended to support the first phase of GBC’s mine and port expansion strategy.

Although the financing mandate marks a step towards mobilising the required resources, the proposed facilities remain subject to the financing and syndication process.