Ghana Bauxite Company Dismisses Allegations of Irregularities in Ofori-Poku Limited Sale—-The Ghana Bauxite Company has strongly refuted allegations of irregularities in its sale to Ofori-Poku Limited (OPCL), dismissing claims of undervaluation and conflict of interest as misleading and inaccurate.
In a statement signed by its Corporate Affairs Division, Ghana Bauxite Company pledged its commitment to transparency and ethical business practices, clarifying that the sale process was conducted lawfully and in line with all regulatory requirements.
The controversy stems from accusations by legal practitioner Martin Kpebu, who alleged that the company was undervalued in a conflicted transaction. However, Ghana Bauxite Company outlined that the government had multiple opportunities to acquire the company’s shares but declined on both occasions.
In 2010, when Rio Tinto exited, the government chose not to purchase the 80% stake, which was then acquired by BOSAI Minerals China. In 2022, the government again declined its right of first refusal, allowing OPCL to legally purchase the shares under the same terms initially offered to the state.
The Ghana Bauxite Company also rejected claims that its valuation skyrocketed from $12.5 million in 2022 to over $1 billion today, calling the assertion inaccurate and misleading. The company clarified that valuations evolve based on investment, operational improvements, and market conditions.
Since acquiring Ghana Bauxite Company, OPCL has significantly invested in operational efficiency and output, naturally impacting the company’s market value.
The company dismissed allegations of a conflicted valuation process, denying that a former Ghana Bauxite Company valuation team member later became OPCL’s Chief Financial Officer. It emphasized that all appointments were based on merit and that OPCL’s ownership is fully verifiable.
The Ghana Bauxite Company also argued that insider trading laws apply only to publicly traded companies, making accusations of improper dealings baseless in this private transaction.
Reaffirming its stance, Ghana Bauxite Company maintained that the acquisition was a commercial transaction free from political interference, carried out in full compliance with regulatory and legal frameworks.
With OPCL now at the helm, the focus remains on sustaining growth, enhancing operations, and strengthening Ghana’s bauxite industry to drive long-term economic value.
Last Updated on March 20, 2025 by Senel Media
