GIADEC denies sale of Volta Aluminium Company

The Ghana Integrated Aluminium Development Corporation (GIADEC) has dismissed reports suggesting that the Volta Aluminium Company (VALCO) is being sold, describing them as false.

In a statement issued on January 20, 2026, GIADEC confirmed that a strategic equity investor has been shortlisted for discussions to retrofit and expand VALCO as part of efforts to construct a greenfield alumina refinery and modernise the smelter.

“This planned partnership aims to secure the capital and expertise necessary to retrofit and expand VALCO’s operations, increase production, safeguard existing jobs, and contribute to Ghana’s industrial growth,” the statement said.

According to the Corporation, the initiative involves a partial equity ceding arrangement that will provide liquidity while ensuring the government, through GIADEC, retains significant ownership and strategic control.

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GIADEC described the partnership as a key pillar of its integrated national strategy to develop a fully integrated aluminium industry value chain, spanning bauxite mining, alumina refining, aluminium smelting, and downstream manufacturing.

“The partnership is designed to facilitate a substantial capital injection, introduce advanced technology, and modernise operations. The core objectives are to significantly increase production capacity from the current 40,000 tonnes to 300,000 tonnes annually within 36 months,” the statement added.

The Corporation emphasised that the modernisation plan will create thousands of direct and indirect jobs, ensuring the long-term sustainability of VALCO.

It noted that the process follows a 2022 Cabinet-approved policy direction, with an independent KPMG assessment recommending equity investment as the most viable option for reviving the smelter.

In 2025, a 12-member cross-sectoral committee was inaugurated to assess proposals based on criteria including job retention, plant expansion, value addition, and the 24-hour economy. The committee has since submitted its recommendations to the GIADEC Board and the sector minister.

Chief Executive Officer of GIADEC, Reindorf Twumasi Ankrah, reiterated that the government has no intention to sell VALCO.

“The clear and consistent policy is to cede a portion of GIADEC’s interest or equity in VALCO to a Strategic Equity Investor in exchange for substantial capital injection, technological retooling, and comprehensive retrofitting of the smelter,” he said.

He added that the partnership would preserve national interests, leverage private-sector efficiency, and create more jobs.

“The modernisation of VALCO is a pivotal component of GIADEC’s plan to build a fully integrated aluminium industry in Ghana,” he said.

He continued, “It aligns with broader national industrial transformation agendas, will elevate annual production capacity, secure existing employment, and generate thousands of new job opportunities.”

The GIADEC CEO further assured VALCO staff that the partnership will not lead to job losses but will instead create more employment and improve working conditions.



MA