The Ghana Integrated Aluminium Development Corporation (GIADEC) has dismissed reports suggesting that the Volta Aluminium Company (VALCO) is being sold, clarifying that the government has no plans to relinquish full control of the smelter.
In a statement, GIADEC said it is instead exploring a partnership with a strategic equity investor to modernise and expand VALCO as part of Ghana’s broader aluminium industrialisation agenda.
“The Government does not intend to sell VALCO,” GIADEC Chief Executive Officer Reindorf Twumasi Ankrah stated.
“Our clear policy is to cede a portion of GIADEC’s interest to a strategic investor in exchange for capital, modern technology, and comprehensive retrofitting. This approach safeguards the national interest while creating jobs and boosting industrial growth.”
According to the corporation, the partnership aims to scale up VALCO’s output from about 40,000 tonnes a year to 300,000 tonnes within 36 months, while preserving existing employment and creating new opportunities across the value chain.
The plan follows Cabinet approval in 2022 to seek a strategic equity partner, accompanied by a detailed technical and financial review by KPMG, which concluded that equity participation offered the most viable route to reviving the smelter.
Mr. Ankrah emphasised that the focus is on upgrading the plant and improving efficiency, not downsizing.
“This partnership is about modernising VALCO, introducing advanced technology, and improving operational efficiency. It is not about job losses; rather, it will create better working conditions and new opportunities for our staff,” he said.
To guide the process, a cross-sector committee comprising officials from VALCO, GIADEC, and relevant ministries was established in 2025 to assess investor proposals, with particular attention to job security, capacity expansion, value addition, and the rollout of a 24-hour production model.
GIADEC added that the initiative aligns with its wider national aluminium strategy, encompassing bauxite mining, alumina refining, smelting, and downstream manufacturing.
The corporation urged public support for the initiative, describing it as critical to long-term industrial growth.
“This is a vital national project to restore VALCO to its place of pride and ensure its contribution to Ghana’s economic prosperity for generations to come,” Mr. Ankrah concluded.
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Read the full statement below:
