Government Pledges Revival of VALCO Amid Speculation

Accra: The Minister of Lands and Natural Resources, Emmanuel Armah Kofi-Buah, has confirmed the government's commitment to revitalizing the Volta Aluminium Company Limited (VALCO), dismissing rumors of its potential sale. In a recent address to hundreds of VALCO employees, the Minister emphasized the strategic importance of the company in supporting Ghana's economic growth and industrial advancement. According to Ghana Web, the Minister stated that the government intends to attract investors to aid in restoring VALCO's former prominence. This initiative aims to bolster industrial activities within the Tema Industrial enclave, providing sustainable employment opportunities for Ghanaians. Contrary to circulating speculations, the Minister assured that President John Dramani Mahama's administration has no plans to privatize VALCO, labeling such claims as unfounded and disruptive. The Minister addressed concerns from employees about the company's future, stating that any opposition to the government's revitaliz ation framework should be constructive and fact-based. He called for collective responsibility to ensure the company's successful revitalization and emphasized transparency in the process, with all options clearly outlined by the cabinet. Furthermore, Armah Kofi-Buah highlighted the challenges faced by industries reliant on VALCO for raw materials, noting the negative impact on their operations due to the company's struggles. He reassured workers that the government's primary intent is to support VALCO's profitability and urged them to back the proposed reforms. Currently, VALCO operates below capacity, with outdated technology limiting its potential. The company requires a significant investment of $700 million to restore its full operational capacity, which could employ up to 2,000 people directly and 5,000 indirectly. The Minister stressed the importance of overcoming the company's challenges to enhance the value chain and support the wider industrial sector. The government remains committed to finding a sustainable solution for VALCO's revival, with a focus on increasing productivity and expanding employment opportunities. However, Armah Kofi-Buah warned against misinformation and emphasized the need for a unified effort to achieve the company's revival.