Accra: The Board Chairman of the Volta Aluminium Company Limited (VALCO), Ambassador Horace Nii Ayi Ankrah, has entered the ongoing discussions regarding the potential sale of VALCO to businessman Ibrahim Mahama.
According to Ghana Web, Ankrah addressed concerns following a recent demonstration by VALCO workers, clarifying that Ibrahim Mahama has not shown any interest in purchasing or investing in VALCO. He emphasized that until the government separates the Ghana Integrated Aluminium Development Corporation (GIADEC) from VALCO, further demonstrations and misunderstandings are likely to occur.
Ankrah stated, "I keep saying, and I strongly believe, that until GIADEC is decoupled from VALCO, these are some of the things that we will see: misunderstanding, miscommunication, disinformation and stuff like that. For example, since when did Ibrahim Mahama show any interest in VALCO? It has never happened."
On the topic of government efforts to involve a strategic investor, Ankrah expressed his preference for a general investor over a strategic one. He explained that a strategic investor might seek control, which can complicate matters related to dividends and shares. In contrast, a general investor focuses on profit returns without seeking control.
Ankrah further commented, "VALCO, as it is now, wouldn't mind if any investor came in and moved it further than it is now."
The recent protest, organized by some VALCO workers and members of the Industrial and Commercial Workers' Union (ICU-Ghana), took place on Monday, July 27, 2026. The demonstration was in opposition to perceived attempts to privatize the state-owned aluminium smelter, with protesters specifically pointing to GIADEC's efforts to introduce strategic equity investors into VALCO.