Government to retain at least 30% stake in VALCO as investor talks begin - GIADEC CEO

The Chief Executive Officer of the Ghana Integrated Aluminium Development Corporation (GIADEC), Reindorf Twumasi Ankrah, has clarified that the government will retain no less than a 30% stake in the Volta Aluminium Company (VALCO) as it enters negotiations with a preferred strategic investor.

His comments come amid concerns from some workers and members of the Industrial and Commercial Workers' Union (ICU-Ghana), who staged a protest over claims that the state-owned aluminium smelter was being privatised.

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Speaking in an interview with the Daily Graphic on Monday, July 27, 2026, he dismissed suggestions that the government intends to sell VALCO, stressing that the ongoing process is aimed at attracting investment while maintaining a significant state stake in the company.

“The strategic investor is not buying VALCO,” he stated.

According to him, Cabinet's approval was only to authorise the commencement of negotiations with the preferred investor, adding that the terms of the partnership have not yet been finalised.

He explained that the arrangement under discussion involves a strategic equity capital injection, which will provide the funding and technical expertise needed to revive the struggling smelter.

“The plan is to retool VALCO to its nameplate capacity of 200,000 metric tonnes per annum and add an additional 100,000 tonnes per annum,” he said.

Ankrah disclosed that the government intends to retain at least a 30% stake in the restructured company after negotiations are concluded, insisting that the move is designed to safeguard the state's interest while ensuring the long-term sustainability of VALCO.

He noted that the smelter has failed to record a profit for more than 15 years, operating at just 20% capacity and accumulating debts exceeding $200 million.

“VALCO has since worked at a severely limited 20 percent capacity, resulting in persistent year-on-year losses with a debt portfolio of over $200,000,000,” he stated.

Addressing concerns over possible redundancies, the GIADEC CEO assured workers that no jobs would be lost under the proposed arrangement.

“No VALCO employee would lose their job as part of the negotiated package,” he said, adding that workers' concerns would be addressed during the formal negotiation process.

GIADEC has identified the ARCH Consortium as the preferred strategic investor, with negotiations expected to determine the final shareholding structure while ensuring that the government retains no less than a 30% interest in the company.

ANAS/MA

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