GIADEC dismisses reports of VALCO Sale, confirms strategic partnership instead

The Ghana Integrated Aluminium Development Corporation (GIADEC) has firmly rejected claims that the Volta Aluminium Company (VALCO) is being sold, clarifying that the government is instead pursuing a carefully structured strategic partnership to revive and expand the long-idled smelter. The clarification comes amid heightened public debate around state-owned industrial assets and Ghana’s broader industrialisation drive.

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GIADEC further apprised that a strategic equity investor has been shortlisted who would support VALCO with capital investment and technical expertise. However, the control of the asset will remain under public control.

Also Read: VALCO’s smelter expansion plan to support 25,000 downstream jobs

“This planned partnership aims to raise the capital and expertise necessary to retrofit and expand VALCO's operations, increase production, safeguard existing jobs, and contribute to Ghana's industrial growth,” the statement said. The approach, according to GIADEC, entails a partial equity ceding agreement that guarantees project financing while permitting the government to maintain substantial ownership and strategic management through GIADEC.

Beyond correcting the record, GIADEC framed the initiative as a cornerstone of its long-term vision for Ghana’s aluminium industry. The partnership is a key pillar of an integrated value-chain strategy covering bauxite mining, alumina refining, aluminium smelting, and downstream manufacturing: a structure long advocated by industry analysts as essential for value addition and export competitiveness.

“The partnership is designed to facilitate a substantial capital injection, introduce advanced technology, and modernise operations. The core objectives are to significantly increase production capacity from the current 40,000 tonnes to 300,000 tonnes annually while ensuring sustainability,” the Corporation said. If achieved, this would reposition VALCO as a major regional smelting hub and significantly reduce Ghana’s reliance on imported aluminium products.

Also Read: Ghana advances plan for large-scale alumina refinery with proposal submission

The approach is based on policy decisions made as early as 2022, when the Cabinet authorised a revival framework backed by an independent KPMG assessment that found equity investment to be the most practical way to restore the smelter. A 12-person cross-sectoral committee was formed in 2025 to assess proposals on the basis of value addition, job retention, expansion potential and compatibility with Ghana's 24-hour economic policy.

GIADEC Chief Executive Officer Benedict Twumasi Achirah reiterated that divestment is not on the table. “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,” he said. 

He added, “The modernisation of VALCO is a pivotal component of GIADEC's plan to build a fully integrated aluminium industry in Ghana.”

Crucially, GIADEC reassured employees that the collaboration would not result in layoffs but rather enhance working conditions and create thousands of direct and indirect employment, strengthening VALCO's position in Ghana's economic future.

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