The Industrial and Commercial Workers' Union (ICU), Ghana, has appealed to the government to recapitalise and revive distressed state-owned enterprises to create sustainable jobs for thousands of unemployed youth and drive the country's industrial transformation.

The appeal was contained in a resolution adopted at the union's 65th Regular National Executive Council (NEC) meeting held last Friday and addressed to President John Dramani Mahama.

It was signed by the National Chairman, Al-Haji Nuru-Deen Al-Hassan, and the General Secretary, Morgan Ayawine, on behalf of the National Executive Council.

The meeting, attended by representatives from all 16 regions, said many graduates from universities, tertiary institutions and skills training centres had remained unemployed for between five and 10 years despite their qualifications.

The union said reviving state enterprises with strong productive potential through recapitalisation and strategic policy interventions would create thousands of jobs, stimulate industrial growth, and contribute to Ghana's socio-economic development.

VALCO

The ICU appealed to the President not to proceed with the proposed sale of a 70 percent equity stake in the Volta Aluminium Company Limited (VALCO) to a private investor.

It said the union had previously organised a peaceful demonstration and presented a petition against the proposed transaction, arguing that VALCO should remain a strategic national asset.

"Knowing Your Excellency as a listening President who places premium value on the indigenisation and strategic ownership of key national assets, we respectfully urge you to give favourable consideration to our appeal and ensure that VALCO retains its proud status as a strategic national asset for the benefit of present and future generations of Ghanaians," the resolution read.

PBC PLC

The union commended the president for responding to its earlier appeal regarding PBC PLC - formerly Produce Buying Company Limited and initiating steps through the Ministry for Labour, Jobs and Employment to revitalise the company.

It expressed optimism that the intervention would be expedited to restore the company to full operational capacity and enable it to resume its role in the national economy.

Distressed enterprises

The resolution also drew attention to other distressed state-owned enterprises that required urgent recapitalisation and operational support.

The enterprises identified were Aluworks Limited, whose operations have remained dormant since June 2022; Neoplan Ghana Limited, whose manufacturing plant remains idle despite continued bus imports; Akosombo Industrial Company Limited, which has declined amid increasing imports of foreign textile prints; and Volta Star Textiles Limited, which the union said should be revived to strengthen local industrial production and reduce dependence on imported raw materials.

The ICU said recapitalising the enterprises would restore industrial production, create sustainable employment, reduce import dependence, conserve foreign exchange, and strengthen the national economy.

It appealed to the president to use the authority of his office to facilitate the revitalisation and sustainable operation of the companies.

"Their revival will not only create meaningful employment opportunities for thousands of Ghanaians but will also promote industrialisation, enhance local production, conserve scarce foreign exchange, and contribute significantly to the socio-economic transformation of our nation," the resolution stated