Ghana Bauxite Company refutes claims of irregularities in sale to Ofori-Poku Limited

The Ghana Bauxite Company (GBC) has dismissed allegations regarding its sale to Ofori-Poku Limited (OPCL), calling them misleading.

In response to claims by lawyer Martin Kpebu that the company was undervalued and sold under a conflict of interest, GBC insists the sale was transparent and followed due process.

The government, which held a 20% stake, twice declined to exercise its right of first refusal—first in 2010 when Rio Tinto exited and again in 2022 before BOSAI Minerals sold its 80% stake to OPCL.

GBC refuted claims that its value surged from $12.5 million to over $1 billion, explaining that market conditions and OPCL’s investments influenced its valuation.

The company also denied allegations of political interference, insider trading, or conflicts of interest, asserting that the acquisition was lawful and ethical.