Ghana Bauxite Company Limited (GBC) has secured a financing arrangement of up to US$250 million with Ecobank Ghana PLC to expand production at its Awaso mine ahead of a proposed alumina refinery.
The move is part of Ghana’s long-standing ambition to develop an Integrated Aluminium Industry (IAI) that transforms the country from an exporter of raw bauxite into a producer of alumina, aluminium and higher-value manufactured products.
GBC Director Robert Danso Boakye disclosed the arrangement following the signing of a mandate appointing Ecobank Ghana as the exclusive Mandated Arranger, on a best-efforts basis, for financing facilities of up to US$250 million.
The agreement covers a term loan to fund capital expenditure and a revolving credit facility to support working capital.
Ecobank will structure the facilities, engage prospective financial institutions and manage the syndication process through its pan-African network.
The mandate does not, by itself, mean the full US$250 million has already been disbursed.
