Author: Opanyin Abrampah Oppong
It is becoming increasingly clear that lawyer Martin Kpebu has made it his mission to mislead the public with half-baked, politically motivated narratives.
His latest attack on Ghana Bauxite Company (GBC) now a private company, after a Chinese majority private stake was aquired by a Ghanaian, is nothing short of a desperate attempt to stir controversy where none exists.
His claims of corruption and undervaluation in the sale of GBC shares to Ofori-Poku Company Limited (OPCL) lack substance, logic, and basic economic understanding.
Ghana Bauxite Company: A Rare Success Story
The Ghana Bauxite Company is a shining example of how private sector involvement can turn around a business while still ensuring state participation.
The government retained a 20% stake, and the company remains profitable—something few other companies with state involvement can boast of.
Yet, Kpebu is crying foul. Why?
Because he is more interested in pushing a political agenda than in acknowledging a company that is actually working.
If his concern was truly about Ghana’s economic growth, he would be celebrating GBC’s success, not attempting to destroy confidence in it.
The False Valuation Argument
One of Kpebu’s most ridiculous claims is that in 2022, GBC was valued at $12.5 million, yet today it is worth over $1 billion. He suggests that this discrepancy is proof of wrongdoing.
This is either a deliberate distortion of facts or a shocking display of ignorance.
Valuation is dynamic. Companies are worth what investors are willing to pay at any given time, based on market conditions, investment decisions, and management efficiency.
Since OPCL took over, they have clearly made strategic moves that have increased the company’s worth.
That is what business success looks like. It is not fraud; it is competence.
If Kpebu had done even the most basic research, he would know that bauxite prices have surged globally, investments in mining infrastructure have improved output, and operational efficiency has increased. But instead, he lazily throws around conspiracy theories.
The “Insider Trading” Nonsense
Kpebu further claims that there was insider trading because an individual who conducted the valuation later became the CFO of OPCL.
This is another baseless claim meant to sensationalize rather than inform.
First, there is no evidence that the valuation was rigged. Second, a professional moving from one company to another is not a crime—it happens in every industry worldwide.
Third, the government had the first right of refusal and declined to buy the shares. The blame, if any, should be on those who made that decision—not on OPCL for seeing value where the government did not.
Stop the Baseless Attacks
Kpebu must stop these mediocre claims that insult the intelligence of Ghanaians. If he has concrete evidence of wrongdoing, he should take it to the appropriate authorities rather than engage in Facebook theatrics.
His obsession with attacking businesses that are actually succeeding only exposes his political bias and lack of economic understanding.
The real issue here is that Ghana Bauxite Company is thriving despite state involvement. That should be the focus.
Instead of spreading conspiracy theories, Kpebu should direct his energy towards actual economic concerns—like why other state-owned enterprises are failing. Until then, his attacks on GBC should be treated as nothing more than the partisan noise they are.
