VALCO not for sale — GIADEC CEO

The Chief Executive Officer of the Ghana Integrated Aluminium Development Corporation (GIADEC), Reindorf Twumasi Ankrah, has firmly denied claims that the Volta Aluminium Company (VALCO) is being sold, stressing that the state-owned smelter remains a strategic national asset.

Speaking at a media briefing with selected senior journalists and editors, Mr. Twumasi Ankrah explained that current engagements with investors are strictly aimed at forming strategic partnerships to modernise and sustain VALCO, not to divest government ownership.

His clarification comes amid public speculation that the aluminium smelter was being prepared for sale. However, he emphasised that the ongoing process is part of a broader national effort to reposition Ghana’s aluminium sector under the Integrated Aluminium Industry (IAI) agenda.

Under the IAI vision, Ghana aims to become the first country in Africa to develop a fully integrated aluminium industry—transitioning from the export of raw bauxite to the local refining of alumina and the production of aluminium. The strategy is expected to spur job creation, infrastructure development, export growth, and wider industrial transformation.

Mr. Twumasi Ankrah revealed that Cabinet, in May 2022, approved a plan for GIADEC and VALCO to identify and engage a strategic investor to inject approximately US$600 million into the company. The investment is intended to retrofit, expand, and modernise VALCO’s ageing infrastructure to improve efficiency, reduce environmental impact, and enhance its global competitiveness.

According to him, any prospective strategic partner must have the capacity to mobilise capital within agreed timelines, provide advanced technology, ensure access to global supply and corporate networks, and comply with strict environmental standards.

He further noted that the partnership structure is designed to ensure government retains its shareholder position, with safeguards in place to prevent asset stripping or loss of national control while jointly working with investors to revive the company.

The GIADEC CEO described VALCO as a critical pillar of Ghana’s long-term aluminium industrialisation agenda. He explained that plans for a new alumina refinery—estimated to cost between US$2.5 billion and US$5 billion—depend on VALCO serving as a guaranteed off-taker of locally refined alumina.

The proposed project also includes the development of new energy infrastructure to power refinery operations, with surplus electricity expected to be fed into the national grid.

Authorities believe strengthening VALCO is essential for Ghana to capture greater value from its mineral resources rather than relying on the export of raw materials. Mr. Twumasi Ankrah stressed that attracting strategic investment remains the most viable option to sustain VALCO’s operations, warning that without significant capital injection, production could become increasingly difficult due to ageing infrastructure and intense global competition.

He concluded that the phased partnership approach is expected to deliver both immediate and long-term benefits for workers, the aluminium value chain, and the broader Ghanaian economy, reiterating that VALCO is not for sale.