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The Ghana Integrated Aluminium Development Corporation (GIADEC) has firmly dismissed reports suggesting that the Volta Aluminium Company (VALCO) is being sold, describing such claims as “categorically false”.
In a press release issued by its Chief Executive Officer, Reindorf Twumasi Ankrah, GIADEC clarified that government policy remains focused on reviving and expanding VALCO through a strategic partnership — not divestiture.
According to GIADEC, a strategic equity investor has been shortlisted as part of ongoing plans to retrofit and expand VALCO alongside the construction of a greenfield alumina refinery in Ghana. The proposed partnership will involve a partial equity ceding arrangement, allowing the government, through GIADEC, to retain significant ownership and strategic control of VALCO while securing much-needed capital and technical expertise.
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GIADEC explained that the partnership is designed to inject fresh capital, modern technology and operational efficiency into VALCO, safeguarding existing jobs while creating thousands of new direct and indirect employment opportunities.
“This planned partnership aims to secure the capital and expertise necessary to retrofit and expand VALCO’s operations, increase production, safeguard existing jobs, and contribute to Ghana’s industrial growth,” the statement said.
The corporation stressed that the government has no intention of selling VALCO, reiterating that the policy is to cede a portion of GIADEC’s equity to a strategic investor in exchange for capital, technology and comprehensive retrofitting of the smelter.
Under the proposed plan, VALCO’s annual aluminium production capacity is expected to rise dramatically from its current level of about 40,000 tonnes to 300,000 tonnes within 36 months.
GIADEC said the modernisation effort will stabilise operations, halt further financial decline and position VALCO as a competitive player within a fully integrated aluminium value chain.
“This initiative will ensure the long-term sustainability of VALCO while contributing significantly to Ghana’s industrial and economic growth,” the statement noted.
GIADEC disclosed that the move to bring in a strategic equity investor dates back to 2022, when the Cabinet approved requests by GIADEC and VALCO to pursue equity investment for the smelter’s modernisation.
An independent technical and financial assessment conducted by KPMG in 2022 identified equity investment as the most commercially viable and legally sound option for reviving VALCO.
A more recent review of VALCO’s financial position, including its 2025 statement of financial position, further underscored the urgency of the partnership to prevent further deterioration and restore productive capacity.
In 2025, a 12-member cross-sectoral committee was inaugurated to assess proposals from interested entities. The committee included representatives from VALCO, GIADEC, and the Ministries of Lands and Natural Resources; Energy and Green Transition; Finance; and Trade.
Its work was guided by strict national development criteria, including job retention and creation, plant expansion using modern technology, value addition, and alignment with the government’s 24-hour economy agenda.
Following the completion of its mandate, the committee submitted its recommendations to the GIADEC Board and the sector minister for further action.
GIADEC gave strong assurances to VALCO workers that the partnership will not lead to job losses but rather improved working conditions and expanded employment opportunities.
“The partnership will not create job losses but rather create more jobs and improved working conditions for staff,” the statement said.
The corporation called on the public to support what it described as a vital national project, aimed at restoring VALCO to its “place of pride” and securing its contribution to Ghana’s economic prosperity for generations.
GIADEC emphasised that the modernisation of VALCO is a cornerstone of its broader vision to build a fully integrated aluminium industry in Ghana, spanning bauxite mining, alumina refining, aluminium smelting and downstream manufacturing – a move aligned with the government’s wider industrial transformation agenda.
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