GIADEC Dismisses Claims of VALCO Sale, Clarifies Plan to Bring in Strategic Equity Investor
The Ghana Integrated Aluminium Development Corporation (GIADEC) has refuted reports suggesting that the Volta Aluminium Company (VALCO) is up for sale, calling such claims inaccurate and misleading.
In a statement released on Tuesday, January 20, GIADEC emphasised that the government has no plans to sell VALCO. The Corporation explained that the current focus is on securing a strategic equity partner to support the refurbishment and expansion of the aluminium smelter.
GIADEC said the initiative is part of wider efforts to develop a greenfield alumina refinery in Ghana and modernise VALCO’s operations. The Corporation confirmed that a prospective strategic investor has already been identified and is being considered for further discussions.
According to GIADEC, the proposed collaboration is intended to bring in the capital and technical expertise necessary to scale up VALCO’s production, enhance output, preserve existing employment, and contribute to Ghana’s industrial development.
Under the proposed arrangement, the investor would acquire a portion of the company’s shares, while the government, through GIADEC, would continue to maintain substantial ownership and strategic oversight of the business.
“This partnership forms a critical part of GIADEC’s national plan to establish a fully integrated aluminium industry value chain in Ghana, spanning bauxite mining, alumina refining, aluminium smelting, and downstream manufacturing,” the statement added.
The Corporation also noted that the decision to explore a strategic equity investor dates back to 2022, when Cabinet approved a request from GIADEC and VALCO to investigate equity investment as the most feasible option to revitalise the smelter. An independent financial and technical assessment carried out by KPMG in 2022 reportedly recommended equity investment as the most commercially and legally sound approach.
The clarification follows objections from the Industrial and Commercial Workers’ Union (ICU), which has cautioned against any attempt to sell VALCO, describing such a move as endangering a key national asset for private benefit.
In a press release dated January 14, 2026, and signed by General Secretary Morgan Ayawine, the Union described VALCO as one of Ghana’s most valuable state-owned enterprises, insisting that its challenges can be addressed without resorting to privatisation.
The ICU additionally accused certain unnamed senior officials within GIADEC and VALCO of purportedly plotting to transfer the company to a private investor.
Read Details of Statement Below:
