The government has dismissed speculation that the Volta Aluminium Company (VALCO) is being prepared for sale, insisting that efforts are instead focused on securing a strategic investor to restore the struggling state-owned aluminium producer to full operations.
Lands and Natural Resources Minister Emmanuel Armah-Kofi Buah gave the assurance during a meeting with VALCO’s management and staff at the company’s conference room on Thursday, July 30, following concerns raised by workers over reports suggesting the company could be sold.
Addressing employees, the Minister stressed that the government remained committed to retaining ownership of the company while pursuing a long-term solution to its operational and financial challenges.
“Nobody will sell VALCO. Not under the watch of President John Mahama. We are only looking for the right partner to help turn the company around,” Mr Buah said.
He explained that Cabinet had approved the search for a strategic investor capable of injecting the capital required to modernise the company and return it to sustainable production.
According to the Minister, VALCO requires more than US$700 million to rehabilitate its ageing infrastructure and restore full operational capacity.
He disclosed that the company is currently weighed down by over US$250 million in power-related debts, obsolete equipment, recurring operational breakdowns and declining production, factors that have significantly undermined its viability.
Mr Buah said attracting a strategic investor represents the most practical path to revitalising the company, settling its debts, upgrading its facilities and creating additional employment opportunities for Ghanaians.
To address concerns from employees, the Minister announced that a representative of the workforce would be included on the committee responsible for selecting the strategic investor, complementing the management representative already serving on the panel.
The Chief Executive Officer of VALCO, Dr Robert Sambian, welcomed the government’s assurances and urged workers to remain patient as the process unfolds.
“Let us all have patience. Let us go through the process, bearing in mind that ultimately it is in the interest of the workers and the future of VALCO.”
Dr Sambian also assured employees that management would safeguard their interests throughout discussions and negotiations with any prospective investor.