The government has not sold out the Volta Aluminium Company (VALCO), but negotiating with investors to inject capital into it to make it profitable.

Mr Emmanuel Armah-Kofi Buah, the Minister of Lands and Natural Resources, who gave the assurance, said the government required about US$ 700 million in investments to revive the VALCO but did not have the resources, hence the need to engage investors.

Addressing the management and staff at the company’s premises in Tema on Thursday, Mr Buah said government required about 700 million dollars in investment to revive VALCO but did not have the resources, hence the need to engage investors.

He stressed that workers’ input was crucial to the ongoing negotiations and disclosed that, aside the management, a worker representative would be included at the negotiating table.

He dismissed claims that the government had already sold out the VALCO to the President John Mahama’s brother, Ibrahim Mahama, and planning to lay off workers.

“Workers’ welfare remains a priority,” the Minister said.

He added: “There is no hidden agenda. We are working together to sustain VALCO and fight to revive it,” and urged those spreading misinformation to desist from that.

The Minister noted that the VALCO was currently operating 90 cells but had the potential to run 500 cells, which could expand employment from the present 800 workers to about 5,000.

He acknowledged the company’s legacy debt of US$ 400 million and emphasised the need for a “quantum leap” to pay power suppliers and reposition the VALCO as a profitable organisation.

Mr Buah underscored the government’s vision to establish a smelter and refinery to drive Ghana’s industrialisation agenda, adding that industries relying on VALCO needed the company to operate efficiently.

He assured workers that companies with solid proposals were being considered and that government remained open to engagement.

The Minister reiterated that the VALCO’s revival was critical to value addition and to Ghana’s broader industrialisation drive.

“We will fix VALCO together. Discipline will be enforced, and lies will not be tolerated,” he stated.