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The Chief Executive Officer of Ghana Integrated Aluminium Development Corporation (GIADEC), Mr. Michael Ansah has narrated circumstances that led to Bosai Minerals' decision to sell its shares.

Bosai Minerals Group from China, a major shareholder of the Ghana Bauxite Company (GBC) has decided to pull out following the Mineral Commission's refusal to renew its mining lease.

However, speaking to Kwami Sefa Kayi in an interview on Peace FM's morning show 'Kokrokoo', Michael Ansah denied the fact that the Minerals Commission is refusing to renew their lease.

According to him, when the Commission received Bosai's application for renewal of their license, "they had to make sure the right things were being done". 

"It is the duty of the Minerals Commission to make sure there are no infractions and that the information provided is correct; while all these things were ongoing they wrote a letter in June that they were selling their shares . . . as Ghanaians we need to create the right environment for investors to operate here and we also need to ensure that our laws are not flouted and so if there are some infractions and they’re not corrected, it won’t be right . . . they want to sell their shares probably because the scrutiny is too much for them," he explained.

Meanwhile, government will make a decision on whether or not to purchase the shares from Bosai Minerals by the end of August.

Bosai Minerals owns 80 percent shares in the company, while Ghana Integrated Aluminium Development Corporation (GIADEC) which represents government, owns 20 percent.

Listen to Michael Ansah in the video below