The Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, has assured employees of the Volta Aluminium Company Limited (VALCO) that the government is not considering the sale of the state-owned aluminium smelter, but is rather working to restore the company through strategic partnerships and investment.
Speaking to management and workers at VALCO’s facility in Tema on Thursday, Mr Buah said the company requires an estimated US$700 million to return to full production levels, adding that government alone lacks the financial capacity to fund the entire recovery programme.
He explained that authorities are therefore engaging potential investors who can inject the needed capital and help transform VALCO into a profitable and sustainable enterprise.
The Minister assured employees that they would have a role in the investment discussions, stressing that their concerns and interests would be considered throughout the process.
He said a representative of the workforce, alongside company management, would participate in engagements with prospective investors to promote openness and ensure workers are protected.
Mr Buah also rejected claims that government had secretly transferred ownership of VALCO to businessman Ibrahim Mahama, describing such reports as inaccurate and deceptive.
He further dismissed suggestions that plans to restructure the company would result in job losses, insisting that protecting workers remains a key priority.
“There is no hidden agenda. We are working together to sustain VALCO and fight to bring it back to its former strength,” he said.
The Minister called on individuals spreading what he described as false information to stop, warning that such claims could affect efforts to attract investment and rebuild confidence in the company.
Mr Buah revealed that VALCO is currently operating only 90 of its 500 production cells, noting that restoring full capacity could expand employment from the current workforce of about 800 workers to nearly 5,000.
He also disclosed that the company is burdened with legacy debts estimated at US$400 million, including about US$250 million owed to power producers, making fresh investment critical to its recovery.
According to him, government’s broader objective is to establish a fully integrated aluminium industry by developing refining capacity and expanding smelting operations to support Ghana’s industrial development agenda.
He noted that many downstream businesses depend on VALCO’s operations, making the revival of the company essential for job creation, local value addition and economic growth.
The Minister said government is reviewing proposals from interested investors and remains committed to partnerships that will safeguard Ghana’s strategic interests.
“We will fix VALCO together. Discipline will be enforced, and lies will not be tolerated,” he added.
The comments follow a recent protest by VALCO workers over reports suggesting that the government intended to sell the company to a private investor, with Ibrahim Mahama mentioned in relation to the claims.
The Ghana Integrated Aluminium Development Corporation (GIADEC) has since denied the reports, stating that no decision has been taken to privatise VALCO.
GIADEC explained that government is instead pursuing strategic investment arrangements aimed at providing capital, increasing production and ensuring the long-term survival of the aluminium smelter.
VALCO remains a major industrial asset in Ghana and is central to efforts to develop an integrated aluminium industry that will promote industrialisation and maximise value from the country’s mineral resources.
