VALCO not for sale - Lands Minister assures workers

Ghana's Minister of Lands and Natural Resources, Emmanuel Armah-Kofi Buah, has firmly denied claims that the Volta Aluminium Company (VALCO) is being sold. He addressed concerns from management and staff following a demonstration by workers who feared the state-owned enterprise was being privatized.

The Minister clarified that Cabinet has approved a process to identify a strategic investor. This investor would provide the necessary capital to revitalize the company, which requires over US$700 million for modernization and to restore full operational capacity. "Nobody will sell VALCO. Not under the watch of President John Mahama. We are only looking for the right partner to help turn the company around," Buah stated.

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Nobody will sell VALCO. Not under the watch of President John Mahama. We are only looking for the right partner to help turn the company around.

VALCO currently grapples with over US$250 million in power-related debts, aging equipment, frequent breakdowns, and declining production, making sustainable operations difficult. The government believes attracting a strategic investor is the most viable path to modernize the plant, clear its debts, and create more jobs.

To ensure transparency and protect workers' interests, a staff representative will join the investor selection committee alongside management. VALCO's CEO, Dr. Robert Sambian, urged workers to remain calm and patient, emphasizing that the process is for the company's and their future benefit. Management will prioritize workers' interests throughout the negotiations.

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Let us all have patience. Let us go through the process, bearing in mind that ultimately it is in the interest of the workers and the future of VALCO.