Government Denies Plans to Sell VALCO, Pursues Strategic Investor
The Minister for Lands and Natural Resources, Mr Emmanuel Armah Kofi Buah, has dismissed claims that the Volta Aluminium Company (VALCO) is being sold, assuring workers that the Government has no intention of disposing of the company.
He gave the assurance during a meeting with management and staff at VALCO’s conference room on Thursday after some workers staged a demonstration over reports of a planned sale of the company.
Mr Buah explained that Cabinet had only approved the search for a strategic investor to provide the capital needed to revive VALCO and improve its operations.
He said the company requires more than US$700 million to modernise its plant and return it to full production.
“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,” he said.
The Minister said VALCO continues to face financial and operational challenges, including more than US$250 million in power debts, ageing equipment, frequent breakdowns and declining production, making it difficult for the company to operate sustainably.
According to him, attracting a strategic investor will provide the resources needed to modernise the plant, clear outstanding debts and create more employment opportunities for Ghanaians.
To ensure transparency and protect the interests of employees, Mr Buah announced that a representative of the workers would be added to the investor selection committee. The workers’ representative will join the management representative already serving on the committee.
The Chief Executive Officer of VALCO, Dr Robert Sambian, welcomed the Minister’s assurance and appealed to workers to remain calm as the process continues.
He urged employees to exercise patience, saying the engagement with a strategic investor is intended to secure the long-term future of the company and protect the interests of its workforce.
Dr Sambian also assured staff that management would keep the welfare of workers at the centre of all negotiations.
Irene Wirekoaa Osei, ISD
