The Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, has moved decisively to quell fears over the fate of the Volta Aluminium Company (VALCO), declaring that the state-owned enterprise is not up for sale and that the government remains firmly committed to its revival.
Addressing management and staff at VALCO’s conference room on Thursday, following a peaceful demonstration by workers concerned about the company’s future, the Minister confirmed that Cabinet has approved a search for a strategic technical and financial partner, not a buyer, to inject the substantial capital needed to restore the struggling smelter to profitability.
“Nobody will sell VALCO. Not under the watch of President John Mahama,” Mr. Buah stated emphatically.
“We are not divesting; we are repositioning. We are looking for the right partner with the technical expertise and financial muscle to help turn this company around, secure jobs, and safeguard a national asset.”
The Minister outlined the scale of the challenge, revealing that more than US$700 million is required to modernise the plant and bring it back to full operational capacity.
VALCO currently labours under over US$250 million in power-related debt, compounded by ageing equipment, frequent breakdowns, and declining production output, factors that have rendered the company unsustainable in its current state.
“The status quo is not an option. Without urgent intervention, we risk losing VALCO altogether,” Mr. Buah explained.
“The government believes that a strategic partnership is the most viable path to clearing these debts, upgrading our infrastructure, and creating sustainable employment for generations of Ghanaians.”
In a move to ensure transparency and protect worker interests, the Minister announced that the workforce will have direct representation on the investor selection committee.
A staff representative will be appointed to sit alongside the management representative already serving, guaranteeing that labour concerns remain front and centre throughout the due diligence and negotiation process.
“We are committed to an open, inclusive process. The workers are the lifeblood of VALCO, and they will have a seat at the table,” the Minister added.
The Chief Executive Officer of VALCO, Dr. Robert Sambian, welcomed the Minister’s assurance and called for calm and cooperation from employees.
“Let us all exercise patience and walk this journey together,” Dr. Sambian urged.
“We must go through the process with the understanding that the ultimate goal is in the best interest of the workers and the long-term future of VALCO. Management will ensure that worker welfare remains central to every negotiation with prospective investors.”
The government has reiterated that any eventual partnership will be structured to preserve Ghanaian ownership and control, while unlocking the capital and expertise necessary to make VALCO competitive once again on the global aluminium market.
