By Kojo Adams, GNA
Accra, Aug. 28, GNA – The Industrial and Commercial Workers’ Union (ICU-Ghana) has renewed its opposition to the proposed transfer of a controlling stake in the Volta Aluminium Company Limited (VALCO) to private interests.
The Union is demanding an immediate suspension of negotiations until concerns over the transaction are addressed.
The Union said it was not opposed to the modernisation, retooling and expansion of VALCO but objected to the proposed method of financing the company, which could result in the transfer of 70 per cent of the state-owned company’s equity to a private investor.
The position was contained in a statement signed by Mr Morgan Ayawine, the General Secretary of the ICU-Ghana, following the inauguration of a negotiating team by the Ministry of Lands and Natural Resources on August 21, 2026, to negotiate terms with a prospective strategic investor for VALCO.
The Union said assurances by Mr Emmanuel Armah-Kofi Buah, the Minister of Lands and Natural Resources, that the transaction would not constitute “outright privatisation” require further clarification, given earlier information presented to workers concerning the proposed transfer of a 70 per cent equity stake.
He said transferring a controlling interest in a wholly state-owned company would amount to a significant transfer of ownership and control, regardless of whether the arrangement was described as a strategic investment, capital injection or modernisation programme.
He said the Union also raised questions about the process through which the prospective investor was identified.Â
It said the Minister had informed workers that no investor had yet been selected, while the Ghana Integrated Aluminium Development Corporation (GIADEC) had reportedly inaugurated an investor-selection committee in November 2025 and announced in January 2026 that investors had been secured.
The Union cited a July 30, 2026, letter from Press Metal Aluminium Holdings Berhad, which it described as the principal technical and smelting partner of the Arch Holdings consortium.
The Union said the Press Metal had indicated that its submission before the January 2026 announcement was a Letter of Intent dated September 29, 2025.
He said the company and Vitol, did not physically visit the VALCO facility until April 2026.
The Union questioned how the consortium could have been considered suitable or selected before its principal technical partner had inspected the facility.
The statement stressed that a Letter of Intent, on its own, does not necessarily amount to a completed technical assessment, binding financial commitment or proof of operational capacity.
The ICU also expressed concern over the reported subsequent withdrawal of Press Metal from the proposed transaction.
It proposed reliable and competitively priced electricity, competent management, state-backed recapitalisation, appropriate debt financing, operational and governance reforms, as well as measurable performance targets and accountability mechanisms as possible alternatives.
The Union said these measures could help restore VALCO to sustainable production while preserving state control over the strategic asset.
He urged President Mahama to direct the Minister of Lands and Natural Resources to suspend all processes leading to the transfer of ownership and control of VALCO to private interests pending a comprehensive review and a formal government response to the Union’s petition.
Mr Ayawine warned that it would not accept any arrangement it considers to be founded on secrecy, contradictions or procedural irregularities.
GNAÂ
Edited by Christabel Addo
Reporter: Kodjo Adams