- Ghana Bauxite rejects misleading reports about its sale to OPCL
- OPCL's ownership is legal, with no political ties or insider trading
- GBC reaffirms focus on strategic planning and value creation
Ghana Bauxite Company Limited (GBC) has dismissed recent claims about being acquired by Ofori-Poku Company Limited (OPCL), calling them false and misleading.
In a statement issued on March 17, GBC stressed its dedication to transparency and ethical business practices. The company clarified that the transaction with OPCL was conducted openly and in full adherence to regulatory guidelines.
In 2010, when Rio Tinto sold its 80% stake in GBC, the Government of Ghana, which held 20%, chose not to buy the majority share, allowing BOSAI Minerals of China to acquire it. Similarly, in 2022, the government once again decided not to exercise its right of first refusal, which led to OPCL acquiring the 80% stake from BOSAI under the same terms offered to the government.
GBC also rejected reports suggesting a massive increase in the company’s value—from $12.5 million in 2022 to over $1 billion now—calling such claims unfounded. The company explained that valuations change due to factors like investments, operational upgrades, and market conditions. Since OPCL’s acquisition, significant investments and improvements have boosted efficiency, output, and market standing, influencing the company’s valuation.
Addressing accusations of a conflict of interest, GBC denied claims that an individual involved in the company’s valuation later became OPCL’s Chief Financial Officer. The company confirmed that all appointments under OPCL were made based on professional skills and experience, rejecting any unethical behavior suggestions.
On the issue of OPCL’s ownership, GBC reaffirmed that OPCL is a legally registered company with a clear ownership structure, compliant with Ghanaian law. The company rejected rumors claiming OPCL is secretly owned by a financier of a political party, stating that such claims were meant to cause public mistrust. According to GBC, the acquisition was a purely commercial decision, driven by business strategy and investment potential, without political influence.
Regarding insider trading allegations, GBC acknowledged that OPCL’s owner was a board member at the time of acquisition but stressed that this did not amount to insider trading, as the law applies only to publicly traded companies, not private transactions. The company also noted that it is common for board members, including government representatives, to access financial and operational data.
GBC reaffirmed its commitment to excellence, investment, and creating value for stakeholders, urging the public to ignore misleading reports and trust in the company’s growth, which is fueled by solid management and strategic planning.
