The Chief Executive Officer of the Ghana Integrated Aluminium Development Corporation (GIADEC), Reindorf Twumasi Ankrah, has said that the Volta Aluminium Company (VALCO) requires a strategic investor to recover from its severe financial challenges.
Speaking on Asempa FM’s Ekosii Sen programme, Mr Ankrah revealed that VALCO’s indebtedness stands at about $400 million, while the company is currently valued at approximately $130 million.
He explained that due to its financial difficulties, VALCO was shut down between 2022 and 2023, making external investment critical to its revival.
According to him, government began the search for a strategic investor in 2022 and subsequently commissioned KPMG to audit the company’s assets and liabilities. The audit, he said, valued VALCO at around $113 million and outlined five possible options for reviving the company.
Mr Ankrah noted that after assuming office, he reviewed the KPMG report and consulted the sector minister on the best way forward. A 12-member committee, comprising representatives from relevant ministries and VALCO, was then constituted to assess the options.
He said the committee’s report was presented to the board earlier this year and was unanimously endorsed, with the recommended course of action being the engagement of a suitable strategic investor.
Mr Ankrah stressed that VALCO has been involved throughout the process and that all key stakeholders are aware of the steps being taken. He insisted that the government’s objective is to restore the company to profitability and ensure its long-term sustainability.
READ ALSO:
- Over $100m National Cathedral cash could’ve built half of Suame Interchange – Agbodza to Asenso-Boakye
- Eastern Vultures demand annulment of NDC Ayawaso East Primary, prosecution of vote-buying aspirants
- Victorious Child Ministry unveils new church building at Tema Newtown
- Commend government rather than criticise Suame Interchange modification – Roads Minister to Minority
