The Deputy General Secretary (Operations) of the Industrial and Commercial Workers’ Union (ICU-Ghana), Emmanuel Baah Benimah, has cautioned government against introducing foreign equity into the Volta Aluminium Company Limited (VALCO), insisting the company must remain wholly Ghanaian.

Delivering an address on behalf of ICU-Ghana General Secretary, Morgan Ayawine, at the inauguration of newly elected Local Union executives at VALCO in Tema on Tuesday, March 31, 2026, Mr Benimah said any move to cede ownership whether to foreign or local interests would be “inimical to the national interest.”

“VALCO is a strategic national asset of which we are immensely proud. Not even the smallest fraction of it should be ceded,” he stressed.

His remarks come at a time when discussions around restructuring and recapitalising state-owned enterprises have gained renewed attention, with some proposals suggesting private sector participation to improve efficiency and funding.

However, the ICU maintains that government, as the representative of the Ghanaian people, must explore alternative and lawful means of financing VALCO without divesting equity.

Mr Benimah argued that while the company continues to face operational challenges, these are not insurmountable if decisive action is taken.

“It is common knowledge that VALCO’s current operational challenges are not new and can be overcome if the Government takes decisive action,” he noted, adding that with proper financial support and ongoing management initiatives, the company has a promising future.

VALCO, a key player in Ghana’s industrial sector, has long been regarded as a strategic national asset, central to efforts to build a strong aluminium industry. Its history dates back decades, including the era of the Kaiser Aluminium partnership, often cited as a period of peak performance.

Drawing on that history, Mr Benimah urged stakeholders to learn from the past and rebuild the company to its former standard.

“Let us reflect on the VALCO of the Kaiser era learn from its successes and commit ourselves to rebuilding it to that enviable standard,” he said.

He also linked the issue to broader concerns about Ghana’s industrial decline, warning that past decisions to dispose of national assets have contributed to rising unemployment.

“Regrettably, in the past, we hastily disposed of valuable and productive national assets. Today, we are confronted with the consequences most notably, high unemployment,” he added.

The ICU official further called on VALCO’s management and workers to strengthen collaboration and uphold industrial harmony, stressing the importance of dialogue in resolving disputes.

To the newly inaugurated union executives, he urged restraint and professionalism in their dealings with management.

“Do not act in ways that the National Union would not endorse… We stand for fairness, justice, and industrial harmony,” he advised.

The inauguration ceremony, held at VALCO in Tema, forms part of the union’s internal governance process, in line with its constitution which mandates the swearing-in of elected officers.

The newly elected VALCO Local Union executives are:

• Chairman – Samuel Agyeman
• Vice Chairman – Uel Uzziel Matekole
• Secretary – David Kwabena Yeboah
• Assistant Secretary – James Appiah
• First Trustee – Joseph Agbanyo
• Second Trustee – Nii Okai Tagoe
• Executive Member – Joseph Atsu Damalie
• Youth Representative – Frank Annang
• Women’s Representative – Gifty Nyanful
• Chief Shop Steward – Mark Spears Tetteh