The Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, has assured workers of the Volta Aluminium Company Limited (VALCO) that the government has no plans to sell the state-owned aluminium smelter, stressing that efforts are instead focused on reviving the company through strategic investment.
Addressing management and staff at VALCO’s premises in Tema on Thursday, Mr Buah said the government requires about US$700 million to restore the company to full production capacity but does not have the resources to undertake the project alone.
He explained that government is therefore engaging potential investors who can provide the needed capital to make VALCO profitable and sustainable.
The Minister assured workers that they would be actively involved in the process, noting that their input was important to ongoing discussions.
He said a workers’ representative, in addition to management, would be part of negotiations with prospective investors to ensure transparency and protect employees’ interests.
Mr Buah also dismissed reports that government had secretly sold VALCO to businessman Ibrahim Mahama, describing the claims as false and misleading.
He further denied allegations that a restructuring programme would lead to job losses.
“Workers’ welfare remains a priority. There is no hidden agenda. We are working together to sustain VALCO and fight to revive it,” he said.
The Minister urged individuals spreading what he described as misinformation to desist, arguing that such claims could undermine efforts to restore the company.
He disclosed that VALCO is currently operating only 90 production cells despite having the capacity to operate 500, a situation he said could increase the workforce from about 800 employees to nearly 5,000 when full operations are restored.
Mr Buah added that the company is facing a legacy debt of about US$400 million, including approximately US$250 million owed to power generation companies, making significant investment necessary for its recovery.
According to him, government’s long-term plan is to develop a fully integrated aluminium industry through the establishment of a refinery and expansion of smelting capacity to support Ghana’s industrialisation drive.
He noted that several downstream industries rely on VALCO’s operations, making the company’s revival important for value addition, job creation and economic growth.
The Minister said government is carefully assessing proposals from companies interested in investing in VALCO and remains open to partnerships that will protect Ghana’s interests.
“We will fix VALCO together. Discipline will be enforced, and lies will not be tolerated,” he added.
His comments follow a recent demonstration by VALCO workers over reports that government intended to sell the company to a private investor, with Ibrahim Mahama’s name mentioned in connection with the claims.
The Ghana Integrated Aluminium Development Corporation (GIADEC) has since dismissed the reports as false, explaining that no decision has been taken to sell VALCO.
Instead, GIADEC said government is exploring strategic investment partnerships aimed at injecting capital into the company, improving production and securing its long-term sustainability.
VALCO remains one of Ghana’s key strategic industrial assets and forms part of government’s broader plan to establish an integrated aluminium industry to drive industrialisation and increase value addition to the country’s mineral resources.
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