The Minister for Lands and Natural Resources has revealed the dire financial and operational state of the Volta Aluminium Company (VALCO) but dismissed claims that the state-owned aluminium smelter is being sold.
Emmanuel Armah-Kofi Buah disclosed that VALCO is burdened with more than US$250 million in power debts, ageing equipment, frequent breakdowns and declining production, making it increasingly difficult for the company to operate sustainably.
Despite these challenges, he assured workers that the Mahama administration has no intention of selling the company.
The Minister gave the assurance when he met management and staff at VALCO’s conference room yesterday, Thursday, July 30, 2026, following a demonstration by some workers over reports of the company’s purported sale.
Mr Buah explained that Cabinet had approved only the search for a strategic investor to provide the capital required to revive the struggling company.
He revealed that more than US$700 million would be needed to modernise the plant and restore it to full operation.
“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.
According to the Minister, the Government believes attracting a strategic investor is the most viable way to modernise the plant, settle its debts and create more jobs for Ghanaians.
To ensure that workers’ interests are protected throughout the process, Mr Buah announced that a representative of the workforce would be added to the investor selection committee, alongside the management representative already serving on the committee.
The Chief Executive Officer of VALCO, Dr Robert Sambian, welcomed the Minister’s assurance and urged workers to remain calm and support the process.
“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,” he said.
Dr Sambian added that management would ensure workers’ interests remained central throughout negotiations with any prospective strategic investor.
