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 Minister for the Interior, Muntaka Mohammed Mubarak, has accepted an apology from the Minority leader in Parliament following allegations of corruption in the recruitment process of the security services.
Speaking in Parliament yesterday, he indicated that the accusations were painful because they portrayed his actions in a way that suggested criminal wrongdoing.
“It is painful to be wrongly accused or for your actions to be misconstrued and labelled differently from your intention, especially when it is linked with criminality and serious wrongdoing,” he stated.
Mr Mubarak noted that although he was deeply hurt and worried by the allegations, he had decided to accept the apology wholeheartedly.
According to him, the issue should guide members of the House and public officials to focus on ensuring that the right things are done without attempting to destroy one another.
He assured the Minority that the Interior Ministry and the various security service commanders remain committed to transparency and accountability in their work.
The Minister added that the ministry would be ready to address any concerns raised by the Minority or other members of Parliament regarding recruitment into the security services.
He further appealed to the Speaker of Parliament, Alban Bagbin, to consider expunging from the parliamentary records the false comments.
Mr Mubarak expressed appreciation to the Speaker for handling the matter and emphasised the need for cooperation among members of Parliament to ensure fairness and proper oversight.
By: Jacob Aggrey
THE Gospel Advocates (TGA), a non-denominational evangelistic Christian organisation last Saturday donated a number of educational logistics to the Dodi Asantekrom Basic School in the Eastern region of Ghana.
The gesture was to mark the seventh anniversary of the organisation made up of professionals committed to preaching the gospel of Jesus Christ to students in senior high schools, particularly in rural communities.
TGA also seeks to inspire students towards attaining academic excellence and guiding them towards optimising the various learning opportunities and academic programmes available at the tertiary level.
Among the items donated were 100 desks, 10 cupboards, 10 desktop computers, two laptops, 10 teachers’ tables and chairs and others.
The group also held its annual outreach programme that had a significant impact in the community through initiatives such as feeding 500 children with hot meals and assorted drinks, providing free medical screening and drugs for 500 adults and youth and conducting health education and sensitisation for both children and adults.
TGA also took upon itself to restock the community clinic with essential medicines and distributed food items, plastic bowls, cups and clothing to members of the community.
The initiative, according to officials of the group, was supported by ORSAM Limited, Doctors Save Lives Foundation, Johnson Tord Foundation, El-Shaddai Mothercare, Exceed Alliance Limited, GB Foods Ghana Limited, Qualiplast Limited, Phyto-Riker (Gihoc) Pharmaceuticals Limited, Cosa Bright Ghana, Kabs Pharmacy, Tobinco Pharmaceuticals, Pill Bay Pharmacy and Bamah 3.7.7.
“We are deeply grateful for their immense support and partnership in bringing hope, relief, and practical assistance to the people of Dodi Asantekrom,” the officials said.
In a statement, the President and Chairman of The Gospel Advocates, Mr. Selom Kpikpitse, said the donation to Dodi Asantekrom forms part of TGA’s broader mission to propagate the gospel of Jesus Christ among students and youth in rural communities through teachings, music and arts.
He explained that the meals provided to over 500 pupils were in line with the organization’s annual “Feed the Kidz Project,” which demonstrates Christ’s love.
Receiving the items on behalf of the school, the Headmaster, Mr. Otumfour Newton, expressed gratitude to TGA and its sponsors, saying that “the items would significantly enhance teaching and learning while improving the overall welfare and development of the pupils.”
Mr. Newton also commended the team for the free medical screenings for adults and youth in the community, and other community engagements.
Medical supplies were also donated to the Dodi Asantekrom CHPS compound and received on behalf of the facility by Mr. Amefu, a Physician Assistant.
By Spectator Reporter
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