The Ghana Integrated Aluminium Development Corporation (GIADEC) has dismissed recent reports suggesting the sale of the Volta Aluminium Company (VALCO), emphasising that the Government has no intention to relinquish full ownership of the smelter.

In a statement released on Tuesday, GIADEC confirmed that discussions are underway to engage a strategic equity investor to support the retrofitting and expansion of VALCO as part of a broader plan to establish a fully integrated aluminium industry in Ghana.

“The Government does not intend to sell VALCO,” said Reindorf Twumasi Ankrah, Chief Executive Officer of GIADEC. “Our clear policy is to cede a portion of GIADEC’s interest to a strategic investor in exchange for capital, modern technology, and comprehensive retrofitting. This approach safeguards the national interest while creating jobs and boosting industrial growth.”

According to GIADEC, the planned partnership aims to increase VALCO’s annual production from 40,000 tonnes to 300,000 tonnes within 36 months. The initiative is also expected to protect existing jobs and generate thousands of direct and indirect employment opportunities for Ghanaians.

The move follows a rigorous process, including the 2022 approval by Cabinet for GIADEC to seek a strategic equity investor, and a comprehensive technical and financial assessment by KPMG, which concluded that equity investment is the most commercially viable option to revive the smelter.

Mr Ankrah added, “This partnership is about modernising VALCO, introducing advanced technology, and improving operational efficiency. It is not about job losses; rather, it will create better working conditions and new opportunities for our staff.”

A cross-sectoral committee comprising representatives from VALCO, GIADEC, and key government ministries was also established in 2025 to evaluate proposals from interested investors. The committee’s recommendations focused on job retention, plant expansion, value addition, and operationalising a 24-hour economy.

GIADEC said the initiative is central to its integrated national strategy, which encompasses bauxite mining, alumina refining, aluminium smelting, and downstream manufacturing. The corporation called on the public to support the project, stressing its importance for Ghana’s long-term industrial development.

“This is a vital national project to restore VALCO to its place of pride and ensure its contribution to Ghana’s economic prosperity for generations to come,” Mr Ankrah concluded.