The Board of the Volta Aluminium Company (VALCO) has launched a strategic investor process, partnering with China Machinery Engineering Corporation (CMEC) to modernize and upgrade the operational efficiency of the state-owned smelter.
The partnership aims to retrofit the aging facility, significantly increasing production capacity and creating new employment opportunities for Ghanaians. The modernization effort is a cornerstone of Ghana’s broader goal to build an Integrated Aluminium Industry (IAI).
This initiative seeks to bridge the gap between bauxite mining, alumina refining, and aluminum smelting to ensure the country retains maximum value from its natural resources.
Addressing the media following a strategic meeting with the Chinese delegation, VALCO Board Chairman Horace Nii Ayi Ankrah expressed high optimism regarding the partnership.
”From your tour of the plant and your engagement with management and the board, it is clear you believe in VALCO’s potential,” Ankrah stated.
“We are pleased to begin this relationship with CMEC to ensure the right investment is made, proving that VALCO is a pillar of President John Dramani Mahama’s industrialization agenda.”
Horace Nii Ayi Ankrah, VALCO Board Chairman
The Chinese delegation on Wednesday March 25, completed a technical assessment of the plant.
They have expressed intent to invest in VALCO’s five-year strategic plan, which focuses on retooling the facility to process Ghana’s vast bauxite deposits.
Hon. Kofi Arko Nokoe, a VALCO Board Member and MP for Evalue-Ajomoro-Gwira, emphasized the economic necessity of the project.
He pointed out the stark price disparity between raw and processed materials, revealing that raw bauxite is sold at approximately $45 per ton, while refined aluminum sells at $2,500+ per ton.
Hon. Kofi Arko Nokoe, a VALCO Board Member and MP for Evalue-Ajomoro-Gwira
“There is no need for us to export bauxite in its raw form only to import it back as finished aluminum,” Nokoe remarked.
“Every ton of raw bauxite exported is an export of job opportunities. Conversely, every ton of aluminum imported is an import of unemployment.”
The move to revive VALCO comes at a time when aluminum demand is surging, particularly in the renewable energy sector for products like solar panels.
The Board is now working to finalize the Memorandum of Understanding (MOU) and formalize the agreement.
Once signed, the partnership will move into the implementation phase, bringing the smelter back to full production capacity and securing a vital link in Ghana’s industrial value chain.
By 1960news.com
