VALCO remains state-owned: GIADEC chief addresses TDC land issue and aluminium park plans

Speculations about Volta Aluminium Company (VALCO), a primary aluminium smelter, being sold were shattered by statements of Reindorf Twumasi Ankrah, the Chief Executive Officer of Ghana Integrated Aluminium Development Corporation (GIADEC).

With his recent press conference, Twumasi Ankrah gave the notion about fastening a strategic relationship with private investors to support VALCO’s growth and capturing significant revenuein the aluminium trading race.

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VALCO, situated in Tema, Ghana, a government-owned primary aluminium smelter, was founded in 1967 and became the foundation of national industrialisation. Now, GIADEC, the body responsible for implementing the integrated aluminium industry in Ghana, plans new tactics under the Integrated Aluminium Industry (IAI) Agenda, aiming to expand its network through infrastructure development and the export growth of raw bauxite, along with refined alumina, in support of Ghana’s national industrial progress.

Also read: GIADEC dismisses reports of VALCO Sale, confirms strategic partnership instead

Mr Akrah also stated his views on the land dispute with Tema Development Corporation (TDC), a state-owned enterprise responsible for planning, development and managing the Tema Acquisition area, which is the owner of the land selected for the Aluminium Park construction plans, proposed by the administration of President John Dramani Mahama. “If the government outlines a programme and says that I am in charge, then itis my duty,” said Ankrah and added, “There are documents indicating that, for VALCO to even enter the land, they obtained a right of entry from TDC.” 

A site visit to the entrusted land was conducted jointly with TDC’s managing director and GIADEC representatives on Sunday. Spanning about 122-127 hectares, the area is much smaller than the model park in Benin, Nigeria (approx. 7550 hectares), which encouraged President Mahama. 

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The Cabinet of GIADEC and VALCO approved investments of approximately USD 600 million for the installation of modern technologies and advanced equipment to enhance the company’s productivity, reduce its environmental footprint, and strengthen its competitiveness in the global aluminium market.

Twumasi Ankrah further stated that the government is the major shareholder of the company, safeguarding the interests of national assets, and strictly expects its strategic partner to meet the financial capacity to raise the company’s turnover within the discussed timelines.

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VALCO, being the anchor in the IAI agenda, transforms USD 75 million (bauxite) to USD 600 million (alumina). And now with plans to establish a new alumina refinery worth USD 2.5-5 billion to upgrade production capacity from 40,000 tonnes to 300,000 tonnes annually, aims to add promising numbers to Ghana’s GDP.

The proposed project will generate more than 5000 direct jobs across Ghana, especially engaging young people across the 20-35 age group, and plans to uplift its ageing energy infrastructure, which is expected to supply surplus power to the national grid.

With views about strengthening VALCO as the most valuable player in their blueprint to capture higher revenue from the nation's mineral resources and boosting the Ghanaian economy, Twumasi Ankrah emphasised the encouragement of private investors and created space for both long-term and immediate benefit delivery to the subjects of the aluminium value chain.

*Image source: https://www.facebook.com/officialgiadec