The Board Chairman of the Volta Aluminium Company Limited (VALCO), Horace Nii Ayi Ankrah, has sought to allay fears among workers over government’s plans to secure a strategic investor for the state-owned aluminium smelter, assuring that any decision taken will be in the best interest of the company, its workforce and the people of Ghana.
His comments come amid growing concerns from a section of VALCO employees, particularly some senior management staff, who have reportedly expressed reservations about the proposed introduction of a strategic investor into the company.
Speaking on the matter with 1960news.com, Mr. Ankrah emphasized that VALCO has demonstrated resilience over the years and has not depended on government bailouts to sustain its operations.
According to him, the company has operated as a self-sustaining entity, generating its own revenue and funding its activities without recourse to the national budget.
“VALCO, as I’ve come to know it, is an entity that has been running on its own. VALCO generates and spends as it is supposed to. It has never gone to government to ask for a bailout, even for salaries. That is something that should be appreciated by all,” he said.
Mr. Ankrah clarified that the ongoing discussions about a strategic investor did not originate from either the VALCO Board or management.
Rather, he explained, the Board inherited the process upon assuming office and understands that government is exploring options to attract a strategic partner for the company.
“The strategic investor is not being proposed by management nor by the Board. We came to meet the arrangement that government is looking for a strategic investor,” he stated.
Despite the ongoing discussions, the Board Chairman expressed confidence in the current management team led by Chief Executive Officer Dr. Robert Makaila Sambian, citing significant operational improvements and prudent financial management.
He noted that management had successfully navigated challenges following the departure of previous operational arrangements and had invested in equipment ownership rather than relying heavily on rented machinery.
“If they’ve been able to achieve what they have achieved within the last year with the equipment they now own, compared to the huge sums previously spent on rented machinery, then they deserve commendation,” he said.
He added that the Board’s primary role is governance and oversight rather than direct management.
“We have come to govern, not to manage. Our responsibility is to support management and ensure they succeed.”
Addressing concerns that a strategic investor could be imposed on the company without adequate consultation, Mr. Ankrah assured workers that the Board would subject any proposal to rigorous scrutiny before making recommendations.
He revealed that immediately after receiving a report on the strategic investor initiative from the relevant ministry, the Board visited the VALCO plant to brief management and labour unions on the development.
“On the very day we received the strategic investor report from the ministry, the Board went straight to the plant and informed management and the unions. We wanted transparency from the beginning,” he explained.
According to him, the Board will carefully assess the report to determine whether the proposed investor aligns with VALCO’s long-term goals and Ghana’s broader economic interests.
“The Board is not simply going to say, ‘Here comes a strategic investor, let’s accept it.’ We have a duty to scrutinise the report thoroughly, and that scrutiny will be done to benefit VALCO and the people of Ghana.”
He stressed that the Board would act in line with President John Dramani Mahama’s industrialisation vision while safeguarding the interests of workers and the national economy.
“We are going to work in the best interest of the President’s vision, in the best interest of VALCO, in the best interest of the workers, and in the best interest of the economy of this country.”
The Board Chairman further disclosed that VALCO remains open to engaging potential investors who can contribute to the growth and sustainability of the company.
According to him, management and the Board routinely interact with investors interested in supporting the smelter’s operations and expansion plans.
He explained that any investment proposal would have to align with the strategic pillars developed by management and the Board to strengthen the company.
“VALCO’s Board and management always welcome investors. We speak with investors regularly, and our focus is ensuring that whatever they bring on board enhances VALCO and supports our strategic objectives.”
Mr. Ankrah suggested that the resistance being expressed by some workers may stem from fears associated with privatisation and potential job losses.
He acknowledged that workers naturally become anxious whenever discussions arise about private sector participation or changes in ownership structures.
“Anybody at all is scared of privatisation. When workers hear that shares may be ceded or a strategic investor may come in, the first thing that comes to mind is whether they will lose their jobs,” he noted.
Drawing parallels with historical privatisation experiences in countries such as the United Kingdom and the United States, he said concerns about employment security are understandable.
“That is the fear. If workers today are expressing that fear, I believe anybody who has the interests of families at heart should take those concerns seriously.”
However, he maintained that alternative financing options, including debt financing, could also be considered if they continue to support the company’s growth and operational needs.
“If management has been able to address VALCO’s needs through debt financing and other means, then why not continue along that path while ensuring the company reaches its full potential?” he asked.
Mr. Ankrah reiterated that the Board remains committed to transparency, stakeholder engagement and making decisions that will secure VALCO’s future while protecting the interests of its workers and the Ghanaian people.
By 1960news.com
