The Minister for Lands and Natural Resources, Samuel Abu Jinapor says the Akufo-Addo led government is determined to revamp the Volta Aluminum Company Limited (VALCO) to help drive Ghana’s industrialization agenda.
The Minister said, as part of efforts towards building a robust and effective Aluminum Industry in Ghana, his ministry will in the coming weeks present the ‘VALCO Master Plan’ to Cabinet for consideration.
This, he believes, when given the approval, will help to resuscitate the operationalization of VALCO through the Ghana Integrated Aluminum Development Corporation’s (GIADEC) Integrated Aluminum Industry (IAI) project 4, which is to retrofit, modernize and ensure the expansion of VALCO smelter to improve efficiency and capacity.
Project 4, when implemented, according to the Sector Minister, will increase VALCO’s production capacity from 200,000 to 300,000 tonnes of aluminum annually and create employment opportunities for more than 600 people.
He explained that equipment that have been in use since the early 1960s will be upgraded.
He also reiterated the vision of President Akufo-Addo in establishing GIADEC and the current development the entity is undertaking; saying “GIADEC is on course in giving VALCO a leaf of life”.
He stressed that the development and creation of an Aluminum Industry is one of the major pillars for transforming the Ghanaian economy.
“We have moved from the vision of government in making Ghana an Integrated Aluminum Industry into practicalizing the goals set out and once we get cabinet approval, we will implement the ‘Master Plan’ to attract the needed investment”.
The visit by the Lands and Natural Resources Minister on Wednesday, February 9, 2022, according to VALCO Management is the first ever by a Minister of State since the coming into power of the Akufo-Addo led government.
The visit also afforded the Lands Minister an opportunity to interact with the Board and Management of the facility and to reassure them of the government’s commitment to assist VALCO to bounce back and operate at it optimum level.
The CEO of GIADEC, Mr. Micheal Ansah pointed out that his outfit is working closely with VALCO to ensure the realization and execution of project 4 of the Integrated Aluminum Industry (IAI); adding that GIADEC has the mandate to develop and promote an Integrated Aluminum company in Ghana.
He further explained that GIADEC will require $6 billion dollars to successfully execute the 4 key project under the Integrated Aluminum Industry (IAI) and this, he said GIADEC is determined to work with other stakeholders to achieve.
The CEO of VALCO, Dan Acheampong, who gave an overview of the company’s operations said VALCO is the largest smelter in West Africa and the 4th in Sub Sahara Africa.
He, however, hoped that with the right investment and the needed capital injection, the entity will take its rightful place in the Aluminum industry.
VALCO, a wholly-owned Ghanaian asset remains a strategic and a major cornerstone of the Integrated Aluminum Industry (IAI) in Ghana.
GIADEC and VALCO are currently working to give practical meaning to the government’s transformational agenda by leveraging on Ghana’s existing bauxite reserves and the smelting of Aluminum to make the Ghanaian economy an enviable one.
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