Businessman Ibrahim Mahama has categorically rejected claims that he is seeking to acquire the Volta Aluminium Company (VALCO), describing the allegations as false and announcing plans to pursue legal action against those responsible for circulating them.

The denial follows a demonstration by the Labour Union of VALCO during which some protesters reportedly alleged that Mr Mahama was interested in taking over the state-owned aluminium company.

In a statement issued by his Special Aide, Rafik Mahama, on Monday, July 27, the business mogul said he had neither expressed interest in acquiring VALCO nor submitted any offer to purchase the company.

"Mr Ibrahim Mahama has no such interest and has not made any such offer to acquire VALCO," the statement stressed.

False allegations

The statement described the claims as the latest in what it called a series of attempts to unfairly damage the businessman's reputation.

The release argued that the allegations sought to question Mr Mahama's integrity and draw him into unnecessary public controversy.

"Unfortunately the allegation is the latest in several vile attempts to impute the integrity of Mr Ibrahim Mahama and subject him to needless public engagements," the statement said.

Track record

Defending Mr Mahama's business interests, the statement maintained that companies associated with him had been established or acquired through lawful processes and operated in compliance with Ghana's laws.

It further said the longevity of his businesses reflected sound corporate governance and prudent management.

According to the statement, the businesses have remained operational through seven electoral cycles, demonstrating their resilience and adherence to legal and regulatory requirements.

It added that Mr Mahama remained committed to supporting Ghana's socio-economic development through investments in the country and elsewhere on the continent.

"He is committed to contributing his quota to the development of Ghana by investing in business opportunities in Ghana and beyond," the statement noted.

Legal action

Mr Mahama has instructed his legal team to initiate legal proceedings over the publication and circulation of the allegations.

The statement did not specify the individuals or organisations that would be targeted by the intended legal action but indicated that the matter would be pursued through the appropriate legal channels.

The controversy comes amid public discussions surrounding the future of VALCO, one of Ghana's strategic industrial assets, with workers expressing concerns over the company's operations and ownership. However, Mr Mahama has insisted he has no involvement in, or interest in, any proposed acquisition of the company.