News:
July 29, 2026
The Minority Caucus in Parliament has thrown its weight behind workers of the Volta Aluminium Company Limited (VALCO), who staged protests in Tema on Monday against what they fear is a backdoor privatisation of the state-owned smelter.
In a strongly worded statement signed by Ranking Member Kwaku Ampratsum-Sarpong, the Caucus accused the government of shrouding VALCO’s future in “secrecy” and employing vague corporate jargon to conceal the true nature of its policy.
“The issue before Ghana is much bigger than any individual. The real issue is why government has chosen to shroud the future of VALCO in secrecy,” the statement read. It questioned the government’s so-called “strategic equity capitalisation process,” asking whether it means selling part of VALCO, transferring ownership, or surrendering management control.
The Minority’s intervention comes as tensions escalate over the government’s search for a strategic investor to inject capital into the struggling aluminium producer. Proposals from interested firms indicate a willingness to acquire up to a 70% stake, while the government has indicated it intends to retain at least 30%.
Profitability Questioned
The Caucus highlighted what it described as a contradiction in the government’s position, pointing to recent announcements by the VALCO Board Chairman that the company had recorded a profit of over $3.1 million. Reports indicate VALCO swung from a $6.40 million loss in the first quarter of 2025 to a $3.19 million profit in the same period of 2026.
“If VALCO is recovering… If VALCO is profitable… If VALCO is finally turning the corner… Then why is government suddenly pursuing what it calls a ‘strategic equity capitalisation’?” the Minority demanded. “The government cannot celebrate profitability today and quietly restructure ownership tomorrow without explaining itself to the people of Ghana”.
Allegations of ‘State Capture’
The statement also raised concerns about a “systematic concentration of influence” around one business interest across institutions responsible for Ghana’s aluminium industry. It warned that when institutions responsible for policy and regulation are populated by individuals with ties to the same business interests, “public confidence is inevitably shaken” and “state capture flourishes”.
These concerns have been amplified by persistent speculation—categorically denied by both GIADEC and the individual in question—that the process is aimed at selling VALCO to a brother of the President. GIADEC has stressed that neither the individual nor any company associated with him has expressed interest in the process.
Government Defends Move
Government officials and the Ghana Integrated Aluminium Development Corporation (GIADEC) have defended the search for a strategic partner, arguing that VALCO cannot survive in its current state. They point to a legacy debt of roughly $400 million, with the bulk owed to power suppliers, and note that the company has failed to record a profit for more than 15 years while operating at just 20% capacity.
GIADEC has insisted that the objective is to attract a credible strategic partner to inject capital, upgrade ageing facilities, and position VALCO as the anchor smelter for Ghana’s integrated aluminium industry.
Minority Demands Transparency
The Minority Caucus is demanding the immediate publication of the complete framework governing the equity capitalisation process, VALCO’s latest audited financial statements, the independent valuation of the company, the proposed equity structure, the identities of all prospective investors, selection criteria, and all Cabinet and ministerial approvals underpinning the process.
“VALCO belongs to the people of Ghana,” the statement declared. “Black Volta and Damang are already gone, and it appears the vultures are gathering to devour the corpse of VALCO. VALCO will not be another political trophy”.
The Caucus vowed to deploy “every constitutional, legal and parliamentary mechanism available” to ensure VALCO remains protected from opaque transactions and institutional capture.
“The workers have spoken. The Ghanaian people are watching. Government must come clean,” the Minority concluded.
Ghanamps.com