Under the guidance of the Ministry of Lands and Natural Resources, the Ghana Integrated Aluminium Development Corporation (GIADEC) has started making notable moves to fast-track the country’s industrial transformation.
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In line with this push, Minister Emmanuel Armah-Kofi Buah has established an investor selection committee tasked with identifying a strategic partner for the modernisation of the Volta Aluminium Company (VALCO) and the development of Ghana’s first alumina refinery.
Driving Ghana’s industrial transformation
In his speech, the minister explained that these two projects would mark a major shift from a raw bauxite-exporting model to a value-added processing economy. He underscored that “These two projects are interdependent and mutually reinforcing. The refinery will supply the smelter, the smelter will anchor downstream aluminium manufacturing, and together they will catalyse the development of broader industrial clusters supported by logistics, power, rail, and port infrastructure.”
According to him, this transformational agenda is central to President John Dramani Mahama’s reset programme, which aims to fully integrate Ghana’s aluminium value chain. The government estimates that USD 2.3 billion will be required to modernise VALCO and build the refinery, a move expected to attract technology, technical expertise, and environmentally responsible investors.
Building on VALCO’s legacy
VALCO was established in 1967 as a joint venture between the Government of Ghana, Kaiser Aluminium, and Reynolds Metals. Kaiser owned 90 per cent of the company, and Reynolds held 10 per cent. Reynolds later sold its shares to the Aluminium Company of America (Alcoa) before operations began.
For decades, VALCO represented Ghana’s early industrial dreams. It became the country’s first major aluminium smelter. Ageing infrastructure and global price swings have slowed its growth. The new investor partnership seeks to revive this historic asset. It aims to promote sustainable production and increase local value addition.
GIADEC’s Role and Next Steps
The Acting CEO of GIADEC, Reindorf Twumasi Ankrah, reaffirmed the corporation’s full support for the committee. He said GIADEC will help ensure a fair and transparent selection process. The goal is to find the most capable and responsible investor. This decision will shape the next chapter of Ghana’s aluminium story. It will focus on industrialisation, job creation and long-term economic growth.
Image source: Ministry of Lands and Natural Resources, Republic of Ghana
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