Ghana Bauxite Company Limited (GBC) has dismissed recent claims regarding its acquisition by Ofori-Poku Company Limited (OPCL), calling them misleading and inaccurate.
In a statement released on Monday, the company assured the public of its commitment to transparency and ethical business practices while addressing key concerns surrounding the transaction. GBC emphasized that the sale to OPCL was conducted transparently and in full compliance with regulatory requirements.
The company explained that in 2010, when Rio Tinto divested its 80% stake in GBC, the Government of Ghana, which held 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 rejected reports that the company was valued at $12.5 million in 2022 but is now worth over $1 billion, calling such claims unfounded. According to the statement, company valuations fluctuate due to investments, operational improvements, and market conditions.
OPCL, since acquiring the company, has made significant financial investments and strategic interventions that have enhanced efficiency, increased output, and strengthened its market position—factors that naturally influence valuation.
The company also denied allegations of conflict of interest, refuting claims that an individual involved in GBC’s valuation later became OPCL’s Chief Financial Officer. It stated that all management appointments under OPCL are made based on professional competence and industry experience, dismissing any suggestions of unethical behavior.
Addressing 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.
Responding to 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.
Source: Ghana/StarrFM103.5FM/Isaac Justice Bediako
