Ghana Bauxite Company Limited (GBC) has refuted recent claims regarding its acquisition by Ofori-Poku Company Limited (OPCL), labeling them as misleading and inaccurate.
In a statement released on Monday, March 17, the Ghana Bauxite Company emphasized its commitment to transparency and ethical business practices, addressing several concerns surrounding the transaction.
The company clarified that the sale to OPCL was conducted transparently and in full compliance with regulatory requirements.
In 2010, when Rio Tinto divested its 80% stake in GBC, the Government of Ghana, holding a 20% share, declined to purchase the majority stake, allowing BOSAI Minerals of China to acquire it. Similarly, in 2022, the government again chose not to exercise its right of first refusal, leading to OPCL’s acquisition of the 80% stake from BOSAI Minerals under the same terms offered to the government.
GBC also addressed reports suggesting a significant increase in the company’s valuation—from $12.5 million in 2022 to over $1 billion currently—calling such claims unfounded. The company noted that valuations fluctuate due to investments, operational improvements, and market conditions. Since acquiring the company, OPCL has made substantial financial investments and strategic interventions that have enhanced efficiency, increased output, and strengthened its market position, naturally influencing valuation.
Regarding allegations of conflict of interest, GBC refuted claims that an individual involved in the company’s valuation later became OPCL’s Chief Financial Officer. The company stated that all management appointments under OPCL are based on professional competence and industry experience, dismissing any suggestions of unethical behavior.
On concerns over OPCL’s ownership, GBC reaffirmed that OPCL is a legally registered company with a clear and publicly verifiable ownership structure under Ghanaian law. The company rejected accusations that OPCL is secretly owned by a financier of a political party, stating that such claims are intended to create public distrust. The acquisition, according to GBC, was a purely commercial transaction based on business strategy and investment potential, without political interference.
Addressing allegations of insider trading, GBC acknowledged that OPCL’s owner was a board member at the time of acquisition but insisted that this does not constitute insider trading. The company explained that insider trading laws apply to publicly traded companies, not private transactions like this one.
“It also noted that it is standard corporate practice for board members, including government representatives, to have access to financial and operational information.
GBC reiterated its commitment to operational excellence, investment, and value creation for all stakeholders. The company urged the public to disregard misleading reports and trust that its growth is driven by sound management, strategic planning, and investment.
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