The Industrial and Commercial Workers' Union (ICU) has petitioned President John Dramani Mahama to halt the alleged sale of the Volta Aluminium Company (VALCO), warning of nationwide action if the government proceeds with plans to transfer a controlling stake to a private investor.

In a letter dated July 27, 2026, ICU General Secretary Morgan Ayawine said the union has credible information that the Ghana Integrated Aluminium Development Corporation (GIADEC) intends to release a 70 per cent equity stake in VALCO to Arch Holdings Consortium, effectively handing over management and operations to a private investor.

"VALCO is a strategic national asset that has witnessed significant progress in recent years and must therefore be protected and preserved for the benefit of present and future generations," the union stated.

The union appealed directly to President Mahama, citing his 2026 May Day address in Koforidua, in which he urged organised labour not to "sit back and look on aloof when management and governing boards are mismanaging their enterprises".

"As we pivot to growth, we must protect the human capital that drives it. A Reset Ghana means a Healthy Ghana," the union quoted the President as saying.

The union said it remains confident that, as a listening President, Mahama will not allow GIADEC to proceed with a transaction that would undermine the nation's strategic interest.

The petition follows a protest march on Monday, July 27, during which VALCO workers, clad in red attire, marched through the streets of Tema carrying placards with messages including "VALCO is not for sale," "Mr President, Protect VALCO," and "Who is behind ARCH Holdings Limited?"

The protesters presented the petition to Tema Metropolitan Chief Executive Ebi Bright, who assured them that their concerns would be forwarded to the appropriate authorities.

"In good faith, we will send this message across, and I want to reassure you that this is a listening government," Bright said.

The ICU argued that the transfer of VALCO to a private investor poses significant risks, including potential job losses, diminished workers' welfare, and adverse financial consequences for both the workforce and the State.

"The State and the workforce have invested enormous resources, expertise and dedication in restoring VALCO to its current state of progress. It is therefore unacceptable to relinquish control of the Company to a private investor at a time when the benefits of these collective efforts are beginning to materialise," the union stated.

The union noted that the Sector Minister for Lands and Natural Resources, in a statement on July 15, 2026, highlighted significant progress and success being recorded by VALCO, questioning the justification for any sale.

GIADEC has consistently denied that VALCO is being sold, insisting that it is pursuing a co-ownership arrangement with a private sector partner rather than an outright sale.

CEO Reindorf Twumasi Ankrah has explained that the government requires a strategic partner investment to revive the company, as VALCO's production has reduced from 200,000 metric tonnes annually to only 35,000 metric tonnes over the past 15 years.

However, VALCO Board Chair Ambassador Horace Nii Ayi Ankrah recently disclosed that the company requires no more than $60 million to achieve full operational capacity by bringing all 200 production pots into service by the end of 2027.

The union warned that if its concerns remain unaddressed, it "will have no option but to consult its appropriate structures and determine the next course of action."

"Such action, if deemed necessary, will assume a national character in defence of the strategic interests of VALCO, its workforce, and the people of Ghana," the letter stated.

The union also appealed to all well-meaning Ghanaians, organised labour, civil society organisations, professional bodies and "all patriots who have the national interest at heart to join us in safeguarding VALCO".

Background

VALCO workers have raised concerns since January 2026 that the company is being prepared for sale under the leadership of GIADEC CEO Reindorf Twumasi Ankrah, and have also called for his removal.

The modernisation of VALCO forms a key component of GIADEC's strategy to establish a fully integrated aluminium industry in Ghana, in line with the government's industrial transformation objectives.