The Chief Executive Officer of the Ghana Integrated Aluminium Development Corporation (GIADEC), Reindorf Twumasi Ankrah, has dismissed claims that the Volta Aluminium Company (VALCO) is being sold, describing the allegations as false and misleading.
Speaking on Asempa FM’s Ekosii Sen programme, Mr Ankrah said government has rather engaged a strategic investor to help revive VALCO, which he noted has been operating at a loss for nearly a decade.
He questioned the timing of the protests, asking why demonstrations did not occur when reforms were first introduced, but only now that efforts are underway to revive the struggling company.
According to him, VALCO has recorded losses for the past ten years without making any profit, making reforms and strategic partnerships necessary for the company’s survival.
“It’s not true. Even those spreading the rumours know it’s not true. We have issued several press statements to clarify that VALCO is not for sale,” he said. “The reforms we are implementing are meant to support VALCO. Why was there no demonstration when the reforms began? Now that we are working to revive the company, protests have started. Is it the President or his government that you oppose? What has changed in the last 24 months?”
Mr Ankrah also assured workers that staff retrenchment is not part of government’s plan, stressing that retaining existing employees and even expanding the workforce remain key priorities, given the specialised nature of the aluminium industry.
“The losses have remained the same for the past ten years. VALCO has shown no profit. This is a specialised industry, so any investor would do themselves a disservice by laying off existing staff. One of our key priorities is to retain our current staff and even increase the workforce,” he added.
His comments follow a protest by VALCO workers on Monday, February 9, during which the union called for his immediate removal, accusing him of mismanagement and authoritarian leadership. The workers alleged that plans to introduce a strategic investor were a cover to sell the state-owned company—claims Mr Ankrah has firmly denied.
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