The Ghana Integrated Aluminium Development Corporation (GIADEC) has denied reports that the Volta Aluminium Company (VALCO) has been sold.
In a statement, it explained that a strategic equity investor had been shortlisted for further engagements on the plan to retrofit and expand VALCO.
It highlighted that the planned partnership involves a partial equity ceding arrangement that will provide liquidity while ensuring the government, through GIADEC, retains significant ownership and strategic control to drive future growth.
“This partnership is a central pillar of GIADE’s integrated national strategy to develop a fully integrated Aluminium Industry value chain in Ghana, encompassing bauxite mining. alumina refining, aluminium smelting, and downstream manufacturing.”
The partnership aims to secure the capital and expertise necessary to retrofit and expand VALCO’s operations, increase production, safeguard existing jobs, and contribute to Ghana’s industrial growth, according to GIADEC.
The said partnership is also designed to facilitate a substantial capital injection, introduce advanced technology, and modernise operations, which is aimed at increasing production capacity from the current 40,000 tonnes to 300,000 tonnes annually within a period of 36 months.
This is envisioned to create thousands of direct and indirect job opportunities for the youth and people of Ghana, who are expected to be created and safeguarded, ensuring the long-term sustainability of VALCO, thereby contributing to Ghana’s industrial and economic growth.
“GIADEC, therefore, unequivocally reiterates that the Government has no intention to sell VALCO. The clear and consistent policy is to cede a portion of GIADEC’s interest or equity in VALCO to a Strategic Equity Investor in exchange for substantial capital injection, technological retooling, and comprehensive retrofitting of the smelter.”
“This will preserve the national interest, leverage private sector efficiency, and create significant additional direct and indirect employment opportunities for Ghanaians. This initiative aligns fully with the Government’s broader industrial transformation agenda.”
GIADEC, on that note, affirmed its focus on reviving production, securing and creating jobs, and maximising value for the Ghanaian economy through a modernised and competitive integrated aluminium industry.
Story by Hajara Fuseini
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Source:
opemsuo.com