VALCO is not being sold to Ibrahim Mahama – GIADEC refutes claims

The Ghana Integrated Aluminium Development Corporation (GIADEC) has dismissed claims that the Volta Aluminium Company (VALCO) is being sold to businessman Ibrahim Mahama, describing the allegations as false and without any factual basis.

In a press statement issued on July 27, 2026, GIADEC said it had taken note of allegations circulating in the public domain by some individuals claiming to be VALCO staff, led by Samuel Agyeman, alleging that the state-owned aluminium smelter was being sold to Ibrahim Mahama.

The corporation categorically denied the claims, stressing that neither Ibrahim Mahama nor any company associated with him has expressed interest in the ongoing process to secure strategic equity capital for the retooling and modernisation of VALCO.

“Neither Mr. Ibrahim Mahama nor any company associated with him has expressed any interest in the ongoing process to secure strategic equity capital for the retooling and modernisation of VALCO.

“The Government of Ghana, through GIADEC, remains committed to a transparent process aimed at attracting credible strategic partners to retool VALCO and position it as the anchor smelter in Ghana’s integrated aluminium industry,” the statement read.

The statement comes amid fresh protests by VALCO workers and the Industrial and Commercial Workers’ Union (ICU), who have petitioned President John Dramani Mahama over what they describe as plans to transfer a majority stake in the company to a private investor.

I have no interest in acquiring VALCO - Ibrahim Mahama dismisses false claims

The union claims it has credible information that GIADEC intends to cede a 70% equity stake in VALCO, a claim GIADEC has consistently rejected.

Urging the public, stakeholders and VALCO staff to disregard the allegations, GIADEC cautioned against statements that could create disaffection and undermine ongoing efforts to industrialise Ghana’s aluminium value chain.

“GIADEC remains committed to updating the public with verified information as the strategic partnership process for VALCO progresses,” it concluded.



ID/MA