Another judgment debt likely to occur at Ghana Bauxite Company as strategic investor pulls out - CastinoStudios (watch video)

<img src="GBC.png"Another judgment debt likely to occur at Ghana Bauxite Company as strategic investor pulls out - CastinoStudios (watch video).">
Another judgment debt likely to occur at Ghana Bauxite Company as strategic investor pulls out - CastinoStudios (watch video)

Tension and anxiety are brewing at the Ghana Bauxite Company (GBC) Limited at Awaso in the Bibiani-Anhwiaso-Bekwai District in the Western North Region following the decision by the strategic investor to pull out.


The investor, Bosai Minerals Group from China, which has an 80 percent stake in the company, has written to the government about its intention to sell its shares and pack out.


Bosai Minerals Group has decided to exit the country due to the non-renewal of the mining lease of the GBC which expires on January 9, 2022.


The exit of the strategic investor has led to uneasiness and apprehension among the 100 and more permanent workers of the GBC who are worried about their job security and the future of the only operational bauxite mine in the country.


Compounding the problem is the fact that the existing site where the company mines bauxite will reach its lifespan in four months, a situation which requires GBC to develop a nearby site, a process that could take up to a year with heavy capital outlay.


Speaking on Sedea tie Nie on Adom tv with Dakyehene, some workers blame GIADEC for not acting in the interest of the workers, they believe that outfit is a failure. 


some of the workers are also calling on the president to find another strategic investor as soon as possible to develop a new site, others want a process to be activated for them to be paid severance packages when the company goes into the development stage.


Ghana Bauxite company workers union have threatened series of industrial action until the government does what is right.


“The government has acted in a bad faith and that could head to judgment debt if the investor chooses to go for arbitration when the lease expires in 2022”, they said.


Before the coming of the strategic investor in 2010, GBC was making a loss of around $11 million a year. The investor has turned the fortunes around and returned the company to winning ways, recording a profit of $4 million in 2019 and $6 million last year.


Also, the strategic investor has increased production from 600,000 tonnes to around 1.4 million tonnes.


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