The Ghana Integrated Aluminium Development Corporation (GIADEC) has rejected reports suggesting that the Volta Aluminium Company Limited (VALCO) is being sold to businessman Ibrahim Mahama.
According to GIADEC, neither Mr. Mahama nor any company linked to him has shown interest in the ongoing process to secure strategic equity investment for the retooling and modernisation of the state-owned aluminium smelter.
The Corporation’s response follows allegations attributed to some individuals claiming to be VALCO staff, led by Samuel Watchman Agyeman, concerning the future ownership of the company.
GIADEC described the allegations as baseless and misleading, insisting there is no factual basis for claims that VALCO is being sold to Mr. Mahama.
“For the avoidance of doubt, GIADEC states emphatically that neither Mr. Ibrahim Mahama nor any company associated with him has expressed any interest in the ongoing process to secure strategic equity capitalization for the retooling and modernization of VALCO,” the Corporation said.
GIADEC explained that the government is instead seeking credible strategic partners capable of providing the investment needed to modernise VALCO and strengthen its role in Ghana’s aluminium industry.
It maintained that the process will be conducted transparently as part of the government’s broader plan to develop an integrated aluminium industry in the country.
The Corporation subsequently urged VALCO workers, stakeholders and members of the public to disregard claims linking Mr Mahama to the strategic investor process.
It also cautioned against the circulation of statements it said could create disaffection and undermine efforts to develop Ghana’s aluminium value chain.
The clarification comes amid growing debate over the government’s search for a strategic investor for VALCO.
On Monday, July 27, the Professional and Management Staff Union of VALCO (PMSU-VALCO), which represents Assistant Managers, Managers and Area Managers, distanced itself from a demonstration opposing the strategic investor process.
The union backed the search for an investor, arguing that VALCO’s ageing facilities require significant capital investment to restore the smelter to competitive production.
PMSU-VALCO also challenged claims that about US$60 million would be enough to restore the plant, estimating instead that the investment required could be in the region of US$700 million or more.
Separately, Ibrahim Mahama has denied having any plans to acquire VALCO.
A statement issued on Monday, July 27, by his Special Aide, Rafik Mahama, said the businessman had neither expressed interest in purchasing the company nor submitted a proposal for its acquisition.
VALCO operates Ghana’s aluminium smelter in Tema and is expected to play a central role in the country’s broader strategy to build an integrated aluminium industry.
