The Industrial and Commercial Workers’ Union (ICU-Ghana) has demanded an immediate halt to negotiations over the proposed transfer of a controlling stake in the Volta Aluminium Company Limited (VALCO) to a private investor.

The Union says it is not opposed to the modernisation, retooling and expansion of VALCO but rejects any arrangement that would result in the State losing control of the strategic national asset.

The call follows the Ministry of Lands and Natural Resources' inauguration of a negotiating team on August 21, 2026, to negotiate definitive terms with a prospective strategic investor for the retooling and expansion of VALCO.

In a statement signed by its General Secretary, Morgan Ayawine, on Thursday, August 27, the ICU said the government's description of the transaction as not constituting “outright privatisation” requires further clarification.

The Union said this position appears inconsistent with information previously presented to it about a proposed transfer of 70% of VALCO's equity to a private investor.

“In our considered view, ceding a controlling interest in a wholly State-owned company to a private investor would, in substance, result in a significant transfer of ownership and control,” the ICU said.

The Union also raised concerns about the process through which the prospective investor was selected.

According to the ICU, the Lands Minister, Emmanuel Armah-Kofi Buah, had indicated to workers that no investor had yet been selected.

The Union, however, said it was aware that the Ghana Integrated Aluminium Development Corporation (GIADEC) inaugurated an investor-selection committee in November 2025 and subsequently announced on January 8, 2026, that investors had been secured.

It further cited a July 30, 2026 letter from Press Metal Aluminium Holdings Berhad, which the ICU said was publicly understood to be the principal technical and smelting partner of the Arch Holdings consortium.

According to the Union, Press Metal indicated that its only submission before the January announcement was a Letter of Intent dated September 29, 2025.

The company also reportedly indicated that representatives of Press Metal and Vitol did not physically visit VALCO until April 2026.

The ICU said the circumstances raise questions about the basis on which the consortium was considered suitable for the transaction.

“A Letter of Intent, by itself, does not necessarily constitute a completed technical assessment, a binding financial commitment or evidence of operational capacity,” the Union said.

It is therefore demanding that government explain how the consortium was assessed and selected.

The ICU also raised concerns over the reported withdrawal of Press Metal from the proposed transaction.

It said the development requires government to clarify the current composition of the prospective strategic investor and demonstrate that it has the technical and financial capacity to undertake the proposed investment.

“The Ministry must therefore disclose, in the interest of transparency, who currently constitutes the prospective strategic investor and on what basis the Government intends to proceed with negotiations,” the Union said.

The ICU added that its preliminary inquiries into Arch Holdings Consortium had identified issues that, in its view, require further clarification and independent verification.

The ICU maintained that VALCO's operational challenges require urgent attention but argued that private transfer of controlling ownership is not the only option available to government.

It proposed reliable and competitively priced power, State-backed recapitalisation, appropriate debt financing, operational and governance reforms, and measurable performance targets as possible alternatives.

The Union said these measures could support the modernisation and restoration of VALCO without surrendering State control of the company.

The Union stressed that its opposition to the proposed equity transfer predates the negotiating team's inauguration.

It said its National Executive Council formally resolved against the proposed transfer of 70% of VALCO's equity on July 31, 2026.

Earlier, on July 27, the ICU organised a demonstration in Tema and petitioned President John Dramani Mahama to ensure that VALCO remained under full State ownership.

The Union is therefore demanding that government address the concerns raised in that petition before negotiations continue.

It has called on President Mahama to direct the Lands and Natural Resources Minister to suspend processes leading to the proposed transfer pending a comprehensive review and a formal response to the ICU's petition.

“VALCO is a strategic national asset,” the Union said, stressing that its future should be determined by what best serves Ghana's national interest, workers, industry and future generations.