The Ghana Integrated Aluminium Development Corporation (GIADEC) has identified strategic investors for the modernisation of the Volta Aluminium Company (VALCO) and the construction of an alumina refinery.
An investor selection committee, inaugurated in November 2025 by the Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, has submitted its options analysis report to the ministry.
Receiving the report, the minister commended the committee for its detailed assessment, saying he was confident that the 12-member team had done an impressive job.
He described VALCO’s modernisation and the development of an alumina refinery as central pillars of Ghana’s industrialisation drive, designed to shift the country from exporting raw bauxite to processing and adding value locally.
“These two projects are interdependent and mutually reinforcing,” he stated. “The refinery will feed the smelter, the smelter will anchor downstream aluminum manufacturing, and together they will drive the growth of industrial clusters supported by logistics, power, rail, and port infrastructure.”
The refinery is expected to supply the smelter, while the upgraded smelter will anchor downstream aluminium manufacturing, creating new industrial clusters supported by transport and energy infrastructure.
The minister expressed optimism that the selected partners would provide the financing, technology, and expertise needed to push the projects forward.
He said construction of the alumina refinery is essential for a fully integrated aluminium industry and urged that work on VALCO’s modernisation begin in 2026, with production targeted to increase from about 40,000 tonnes per year to at least 200,000 tonnes by the end of 2028.
A fully revitalised VALCO, he noted, could directly employ a minimum of 6,000 young people.
The committee, co-chaired by Augustus Amegashie and Professor George Armah, said it used a rigorous two-stage evaluation process involving qualitative assessments, document reviews, and interviews.
Proposals were assessed on financial strength, technical expertise, power solutions, environmental and social standards, and governance systems to safeguard shareholder interests.
The committee emphasised that without timely strategic investment and modernisation, VALCO risked rapid decline, reiterating the justification first presented to Cabinet in 2022.
A copy of the report has now been referred to the GIADEC Board for further action. The committee encouraged government to extend full support to ensure immediate implementation, especially at VALCO, to unlock job opportunities and industrial growth.
GIADEC Chief Executive Officer Reindorf Twumasi Ankrah reaffirmed the corporation’s commitment to establishing an integrated aluminium industry that creates jobs, boosts revenue, and positions Ghana competitively in the global market.
He called for collective effort to advance President John Dramani Mahama’s reset agenda within the sector.
GIADEC has already developed a Master Plan for the Integrated Aluminium Industry, with the VALCO retrofit and alumina refinery categorised as Projects 3 and 4.
Cabinet previously granted “no objection” approval for engaging a strategic partner for the VALCO modernisation project.
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