News
VALCO not for sale- GIADEC boss
The Chief Executive Officer (CEO) of the Ghana Integrated Aluminium Development Corporation (GIADEC), Mr Reindorf Twumasi Ankrah, has stated that the Volta Aluminium Company (VALCO) is not for sale, but rather the government requires a strategic partner investment of $600 million.
He explained that VALCO, which has a capacity to produce 200,000 metric tons of aluminium annually, has been producing only 35,000 metric tons each year for the past 15 years, therefore, a partnership is needed to meet demand and restore the company’s fortunes.
“As of January 2025, VALCO’s debts had increased to about US$450 million, owed to institutions including GRIDCo, the Ghana Revenue Authority and the Tema Development Corporation(TDC). As the government does not have 600 million dollars to revive VALCO” he said.
In an interview with Ghanaian Times yesterday in Accra, Mr Ankrah said that in May 2022, the cabinet approved the search for a strategic investor to revive VALCO, as most of the machinery used was over 60 years old and lacked the capacity to produce more.
He mentioned that currently, the government lacks the financial capacity to sustain the company and must seek an investment of about 600 million dollars, which some financiers have shown interest in.
“And you know that from the time the government took over the management of VALCO and its ownership, things started declining. As of 2022, VALCO was shut down. When I say shut down, it means the plant was closed. Workers were laid off,” he said.
He added that records show that whenever there is a shutdown, resuming operations typically results in a reduced capacity because the plant does not return to its former operational level.
He emphasised that the only way for the government to find breathing space was to shut down the plant, as it was not contributing to the country’s GDP, stressing that the Company is running in millions of dollars’ debt.
Mr Ankrah noted that VALCO’s staff strength is currently around 650, compared to over 12,000 workers when it was fully operational and that the only valuable asset remaining is the land.
He mentioned that an internal audit valued VALCO at about $90 million, a situation investors argue otherwise as their machinery and logistics were outmoded noting that KPMG during their valuation valued VALCO a little over 100 million dollars.
He explained that the company produces about 23 per cent of its capacity, with less than 50 per cent of the installed capacity requiring approximately 90 megawatts of power to operate.
“But when you produce, you generate less revenue, and you may not even cover the electricity costs needed to produce between 30,000 and 40,000 tonnes of aluminium,” he said.
“KPMG recommended five options, with the first being to bring in an equity partner for managerial expertise and capital. This was a decision agreed upon by the then cabinet,” Mr Ankrah said.
He said that although some investors have expressed interest, no agreements have been reached, as they want control over staffing, including the ability to recruit or dismiss workers, which the government has rejected adding that currently, some investors have shown interest.
“The government decided that whoever is going to express interest in reviving the company must provide us with how they intend to generate power, and also give us their clear plan on retention of the existing staff. So this was the two key things based on which we started the process for searching for investment,” he said.
“The current plan aims to increase capacity to about 300,000 tonnes of aluminium annually, an additional 100,000 tonnes. An expert indicated that an investor could complete the new installation within about 36 months,” Mr Ankrah revealed.
He reaffirmed his commitment to building on the progress made by his predecessor and strengthening GIADEC’s role in developing the entire aluminium value chain.
BY BERNARD BENGHAN.
Ahyiresu and Abofrem, two quiet communities in the Atwima Mponua District, have been shaken to the core by a chilling midnight drama that reads like a nightmare.
A pastor and a young mother stand accused of attempting to bury a five‑month‑old baby girl alive, a crime that has ignited outrage and disbelief across the township.
According to police, Apostle Richmond Akwasi Frimpong, 36, Head Pastor of the Anointed Grace Prayer Ministry at Kuffour Camp, conspired with his uncle Emmanuel Appiah, 53, and the child’s mother, 23‑year‑old Beatrice Agyapomaa, to dispose of the infant, Anaya Achiaa, under the cover of darkness.
A fourth suspect, Emmanuel Donkor, remains on the run.
The suspects were caught near a refuse dump around 10 pm on April 9, 2026, after a vigilant resident, Akwasi Twezor, noticed their suspicious movements.
When confronted, they claimed the child was already dead and had palace approval for burial. But Twezor’s instincts proved right—the baby was still alive, gasping faintly for breath.
Chief Linguist, Nana Yaw Badu, later confirmed that Frimpong had misled him earlier in the evening, securing permission for burial by falsely declaring the child dead.
The infant was rushed to the Abofrem Clinic, where she is now responding well to treatment. Police described her as “very beautiful.”
Assistant Superintendent of Police (ASP) Evelyn Yitamkey, Commander of DOVVSU in Bibiani, confirmed that the suspects have been provisionally charged.
Frimpong faces attempted murder and conspiracy charges, while Agyapomaa and Appiah are charged with conspiracy and abetment.
They were remanded by the Bibiani Circuit Court, presided over by Judge Frank Asiedu Nimako, to assist investigations.
The docket has been forwarded to the Attorney General’s Department for advice, ASP Yitamkey indicated.
The attempted crime has provoked fury among residents, many suspecting ritual motives aimed at bolstering the pastor’s influence.
Crowds attempted to attack the suspects outside court, but police intervention prevented mob justice.
The Assembly Member for Ahyiresu, Yusuf Suleiman, has assured residents that justice will be pursued swiftly.
From Kingsley E. Hope, Kumasi
The forecourt of the African University of Communications and Business (AUCB) in Accra came alive on Friday with colour, creativity and innovation, as Level 300 students transformed the space into a lively exhibition of ideas.
Under the theme “Building meaningful brands beyond the logo,” the students invited patrons into a world where ordinary products were reimagined through storytelling, design and purpose.
From scented candles to innovative food concepts, each stand told a unique story, one that went beyond aesthetics to capture identity, value and human connection.
For many of the students, the event was more than just an academic exercise; it was a moment to dream out loud.
Guided by their lecturer, Peter Wonders, they explored what it truly means to build a brand in today’s competitive world where trust, consistency and experience matter just as much as logos and slogans.
Chairman of the occasion, Nana Kum Gyata VI, in his remarks said a brand is what people say about you when you are not present.
At the end of the presentations, awards were presented to deserving groups with Vida Nyaneba emerging as the overall best branding student.
By Esinam Jemima Kuatsinu
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