Government seeks private capital to modernise VALCO - GIADEC

The government is preparing to attract a strategic investor to inject fresh capital into the Volta Aluminium Company Limited (VALCO), with proposals from interested firms indicating willingness to acquire up to a 70% stake as part of efforts to modernise and expand the state‑owned aluminium producer.

The Chief Executive Officer of the Ghana Integrated Aluminium Development Corporation (GIADEC), Reindorf Twumasi Ankrah, speaking on TV3’s Newday on Wednesday, July 29, 2026, said the initiative forms part of a strategic equity capitalisation programme under which government will retain ownership while allowing private investors to provide the funding needed to revive VALCO.

He explained that although several proposals sought a 70% stake, no final ownership structure has been agreed, as negotiations are yet to begin.

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“All the proposals were drawn in accordance with that, and they were all asking for 70 percent. But the actual terms have not yet been decided. We are yet to negotiate and finalise on anything,” he noted.

Ankrah added that all proposals were prepared in line with the GIADEC Act, which requires GIADEC together with a Ghanaian individual or entity to retain at least 30% interest in projects within the integrated aluminium industry.

A strategic committee has already assessed the proposals received for VALCO’s retooling and modernisation, with the next stage expected to focus on negotiations with the preferred investor.

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“But the actual terms have not yet been decided. We are yet to negotiate and finalise on anything. What has been done so far was that a team or a strategic committee was put together to evaluate proposals that were received for the modernisation and retooling of it,” he said

Beyond rehabilitating the existing smelter, the proposed investment is expected to expand VALCO’s production capacity from 200,000 tonnes to 300,000 tonnes by adding a new 100,000‑tonne production line.

DR/SA