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.
The Ghana Tourism Development Company, GTDC, under the leadership of Prof.Kobby Mensah has launched GTDC Campus Tourism Office at the University of Ghana.
The initiative aims to promote educational and domestic tourism by providing structured campus tour experiences showcasing key heritage sites, including the Archaeology Museum and the School of Performing Arts.
It will also offer students their first travel experience across the continent and inculcate in them love to visit Ghana’s heritage sites.
Addressing the gathering at the launch yesterday, the Minister of Tourism, Culture and Creative Arts, Abla Dzifa Gomashie, described tourism as a vehicle for education and heritage preservation, stressing that the sector must inspire citizens to value and protect national culture for future generations.
The minister highlighted tourism’s connection to disciplines such as history, the arts, economics and environmental science.
The minister further noted that the private sector is the engine of tourism economy, adding that the engines require fuel, which is talents.” by investing in these young people today, you are securing the quality, the innovation and competitiveness of our own industry for tomorrow.
She added that the establishment of the office represents a deliberate investment in the intellectual capital of the country.
The GTDC boss, Prof.Kobby Mensah, said,”at GTDC, we believe that if our tourism has to be sustainable, we have to promote domestic tourism and a very big part of it is getting students to appreciate tourism and helping them to organise tours.”
He added that the University of Ghana itself is a huge heritage site which must be explored.
Prof.Kobby Mensah noted that the initiative, which is one of many to be established across the country, is a joint partnership between GTDC and University of Ghana.
The Vice Chancellor of the University, Prof.Nana Aba Appiah Amfo, said the University is a custodian of heritage which goes beyond the structures and welcomed the establishment of the first Campus Tourism Office.
She was optimistic that the office would be put to good use to achieve the intended purpose.
The launch brought together Stakeholders reaffirming their commitment to nurturing future tourism and hospitality professionals.
By Edem Mensah-Tsotorme
Ghana has officially accepted an invitation to serve as Guest Country at Burkina Faso’s 22nd National Culture Week in Bobo-Dioulasso from April 22 to May 2, 2026.
The invitation was extended by Burkina Faso’s Minister of Communication, Culture, Arts and Tourism, Gilbert Noël Ouédraogo, accompanied by the Ambassador of Burkina Faso to Ghana, H.E. David Kabré.
Receiving the delegation, Abla Dzifa Gomashie reaffirmed Ghana’s commitment to deepening cultural diplomacy and strengthening historic ties between the two nations.
She noted that the festival will create opportunities for young creatives, expand exhibition platforms and promote commercial exchange within the creative sector.
The event will feature cultural performances, a community village and gastronomy fair, an arts market, literary engagements, and a craft and trade fair.
Ghana’s participation is expected to further strengthen bilateral relations between John Dramani Mahama and Ibrahim Traoré, while fostering collaboration within the creative ecosystems of both countries.
