The Board Chairman of the Volta Aluminium Company Limited (VALCO), Horace Nii Ayi Ankrah, has strongly dispelled claims that the government intends to sell its shares in the company.
Addressing the workforce, Mr. Ankrah reaffirmed the government’s commitment to enhancing and transforming VALCO’s operations.
He urged the staff to remain calm and disregard reports suggesting a “clandestine privatisation” of the state-owned smelter.
The clarification comes in the wake of protests by VALCO staff and the Industrial and Commercial Workers’ Union (ICU-Ghana).
The unions had expressed concern over plans led by the Ghana Integrated Aluminium Development Corporation (GIADEC) to secure a strategic investor, fearing such a move would lead to job losses and the forfeiture of a strategic national asset.
Speaking at a staff durbar, the Board Chairman allayed the fears of the workers, maintaining that there are no plans to sell the company.
However, he clarified that management remains open to partnerships that align with the President’s industrialisation vision.
Horace Nii Ayi Ankrah, Board Chairman, VALCO
”VALCO is not for sale. However, VALCO will welcome any partner who wants to work with us to ensure that the President’s vision of industrialisation is achieved,” Mr. Ankrah stated.
“In saying that, we are also assuring you of your job security.”
Mr. Ankrah further outlined the board’s core mandate, noting that they were instituted to provide the strategic direction necessary for the smooth operation and transformation of the smelter.
The Chief Executive Officer of VALCO, Dr. Robert Makaila Sambian, also highlighted pragmatic measures currently being implemented to revive the plant.
Dr. Robert Makaila Sambian, CEO, VALCO
He pointed to a significant retooling effort involving the acquisition of critical operational equipment, including:
16 lift trucks and 2 payloaders.
A tractor, a dump truck, and an articulator head.
A centrifuge system and 2 melting furnaces.
Dr. Sambian maintained that VALCO has seen “tremendous improvement” over the past eight months.
He also revealed that active steps are being taken to offset VALCO’s $240 million legacy debt to ensure long-term financial stability.
Workers of VALCO at the staff durbar meeting
While lauding management for the recent progress, the Chairman of the VALCO Workers’ Union, Samuel Watchman Agyeman, called for continued fair treatment of all employees as the company undergoes this transformation.
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