By Felix Cofie
The Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, has assured workers of the Volta Aluminium Company (VALCO) that the government has no intention of selling the state-owned aluminium smelter, describing reports of an impending sale as false.
The Minister gave the assurance during a meeting with management and staff at VALCO’s Conference Room on Thursday, July 30, 2026, following a demonstration by some workers over concerns that the company was being sold.
According to Mr. Buah, Cabinet has only approved the process to identify a strategic investor to inject the capital needed to revive the struggling company, stressing that the objective is to restore VALCO to profitability rather than privatise it.
“Nobody will sell VALCO. Not under the watch of President John Mahama. We are only looking for the right partner to help turn the company around,” the Minister stated.
He disclosed that more than US$700 million is required to modernise the ageing plant and return it to full operational capacity.
The Minister explained that VALCO’s operations have been severely affected by over US$250 million in accumulated power debts, obsolete equipment, frequent machinery breakdowns and declining production levels, making it difficult for the company to operate sustainably.
He noted that government believes attracting a strategic investor is the most viable option to recapitalise the company, settle its debts, modernise production facilities and create more employment opportunities for Ghanaians.
To ensure transparency and protect the interests of employees throughout the process, Mr. Buah announced that a representative of the workers would be included on the investor selection committee, in addition to the existing management representative.
The Chief Executive Officer of VALCO, Dr. Robert Sambian, welcomed the Minister’s clarification and appealed to workers to remain calm while the process unfolds.
“Let us all have patience. Let us go through the process, bearing in mind that ultimately it is in the interest of the workers and the future of VALCO,” he said.
Dr. Sambian also assured employees that management would continue to prioritise their welfare and ensure their interests are protected throughout negotiations with any prospective strategic investor.
The government’s reassurance comes amid growing concerns among sections of VALCO’s workforce over the company’s future, with officials maintaining that the planned strategic partnership is aimed at securing the long-term sustainability and competitiveness of Ghana’s aluminium industry.
