The Ghana Integrated Aluminium Development Corporation (GIADEC) has firmly denied allegations that the Volta Aluminium Company Limited (VALCO) is being sold to businessman Ibrahim Mahama, describing the claims as false, misleading and devoid of any factual basis.

In a press statement issued on Monday, July 27, GIADEC responded to allegations circulating in the public domain by a group claiming to represent staff of VALCO and led by Mr Samuel Watchman Agyeman. The group alleged that the state-owned aluminium smelter was being sold to Mr Mahama.

However, GIADEC rejected the claims outright, insisting that no such transaction is taking place.

"GIADEC categorically denies this allegation as baseless, misleading, and without any factual foundation," the statement said.

The clarification comes amid heightened concerns over the future of VALCO, following protests by sections of the company's workforce and organised labour over the government's efforts to secure a strategic investor for the aluminium producer.

Seeking to dispel speculation surrounding the ongoing strategic partnership process, GIADEC stated unequivocally that neither Ibrahim Mahama nor any company linked to him has shown interest in acquiring a stake in VALCO.

"Neither Mr. Ibrahim Mahama nor any company associated with him has expressed any interest in the ongoing process to secure strategic equity capitalisation for the retooling and modernization of VALCO."

The Corporation explained that the government's objective remains to attract a credible strategic investor capable of injecting capital into the company to support its rehabilitation and long-term growth.

According to GIADEC, the planned strategic equity capitalisation is intended to modernise VALCO's ageing infrastructure, improve operational efficiency and position the smelter as a key pillar of Ghana's integrated aluminium industry.

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The Corporation reaffirmed that the Government of Ghana, through GIADEC, remains committed to conducting a transparent and competitive process in identifying a suitable strategic partner.

"The Government of Ghana, through GIADEC, remains committed to a transparent process aimed at attracting credible strategic partners to retool VALCO and position it as the anchor smelter in Ghana's integrated aluminium industry."

VALCO is regarded as a critical component of Ghana's ambition to develop a fully integrated aluminium value chain, linking the country's bauxite resources with alumina refining and aluminium smelting to create jobs and drive industrialisation.

GIADEC has consistently maintained that attracting strategic investment into the company is essential to restoring its competitiveness and ensuring its long-term sustainability.

The Corporation called on the public, investors, employees and other stakeholders not to give credence to what it described as unfounded allegations regarding the ownership of VALCO.

"GIADEC urges the public, stakeholders, and staff of VALCO to disregard these unfounded claims."

It further warned against the spread of misinformation that could undermine investor confidence and derail efforts to revitalise Ghana's aluminium industry.

"We further caution individuals against making statements that seek to create disaffection and undermine ongoing efforts to industrialise Ghana's aluminium value chain."

GIADEC assured the public that it remains committed to transparency throughout the strategic partnership process and will continue to provide official updates as developments occur.

"GIADEC remains committed to updating the public with verified information as the strategic partnership process for VALCO progresses," the statement ended.