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 state has closed its case in the Republic v Akonta Mining and two others.
The case was heard earlier today at the Accra Criminal Court, where state prosecutors and CID investigators from the Ghana Police Service closed the Republic’s case.
In all, the prosecution called three witnesses to prove its case, two former employees of Akonta Mining Company Limited and a detective from the Ghana Police Service.
According to an update on the case, the two former employees testified to Mr Bernard Antwi-Boasiako’s deep involvement in Akonta Mining Company’s alleged illegal mining activities in the Tano-Nimiri Forest Reserve.
The police detective tendered in evidence drone footage and other audio-visual materials and official communications in support of the testimonies of the two former Akonta Mining employees.
The accused persons, through cross-examination of the witnesses, sought to dissociate themselves from every mining activity in the Tano-Nimiri Forest Reserve.
At the close of the prosecution’s case, counsel for the accused persons asked the court to allow him to call the first prosecution witness back into the witness box for further cross-examination.
The court gave him up to Friday, October 30, to file a formal motion to recall the witnesses.
The case has been adjourned to November 4 for the motion to be heard.
By Edem Mensah-Tsotorme
Dr Palgrave Boakye-Danquah, spokesperson to NPP Ashanti Regional Chairman Bernard Antwi Boasiako, popularly known as Chairman Wontumi, has called on the government and Parliament to undertake major reforms in Ghana’s prison system, including the construction of a dedicated prison hospital and the introduction of regulated conjugal visits.
In a press statement issued on Tuesday, October 27, 2026, Dr Boakye-Danquah shared Chairman Wontumi’s observations and recommendations following his remand on July 20, 2026.
According to the statement, Chairman Wontumi’s experience in prison has given him the opportunity to interact with prison officers and inmates and observe the challenges facing the Ghana Prisons Service.
The statement noted that the NPP chairman believes the correctional system must move beyond punishment to focus on rehabilitation, welfare and productivity.
One of his major concerns is the lack of dedicated, well-equipped prison hospitals, ambulances and standby generators in several prison facilities.
Dr Boakye-Danquah said Chairman Wontumi had raised concerns about the difficulties in providing medical care to seriously ill inmates, including those suffering from tuberculosis.
He is therefore calling for the construction of a modern prison hospital to serve facilities across the country. In the interim, he has proposed emergency arrangements with the 37 Military Hospital and the Police Hospital.
On the welfare of prison officers, Chairman Wontumi has urged the government to review their salaries, accommodation and conditions of service.
He has also called for proper classification of inmates, arguing that minor offenders should not be housed alongside armed robbery convicts and that persons facing trial for serious offences, including treason and terrorism, should be appropriately separated from other inmates.
The statement further highlighted concerns about the need for counselling and behavioural support for young inmates, particularly those serving sentences for defilement-related offences.
Chairman Wontumi has also called for a clear policy on the classification and management of LGBTQI+ inmates within the prison system.
On family relationships, he has proposed the creation of designated private areas where prisoners can receive visits from their spouses and children.
He believes regulated conjugal visits could help preserve marriages, reduce tension among inmates and support rehabilitation.
“The prisoner is the one in prison, not the children or spouse,” the statement noted, explaining his position on the need to protect family relationships during incarceration.
Chairman Wontumi has appealed to the Ministry of Food and Agriculture to support prison farms with the necessary equipment to improve food production.
According to the statement, the Ghana Prisons Service has access to vast lands and skilled labour but faces a shortage of agricultural equipment, with only one tractor reportedly available for farming and garbage-related activities.
He has further proposed greater collaboration between prison authorities and the justice sector, suggesting that regional prison commanders should be included in relevant discussions because of their knowledge of prison conditions and inmate rehabilitation.
On infrastructure, Chairman Wontumi has called on the government and private sector to invest in modern prison facilities and factories, arguing that the system has seen limited structural improvements over the years.
Appeal to Parliament
Dr Boakye-Danquah said Chairman Wontumi had made a special appeal to Parliament to lead efforts towards comprehensive prison reform.
He is urging the Speaker of Parliament to initiate discussions on prison conditions as a human rights and national development issue.
He has also called on the Majority and Minority caucuses to work together to pass a new Prison Reform Act and approve funding for a dedicated prison hospital, ambulance services, standby generators and agricultural equipment.
Additionally, he wants the Parliamentary Select Committees on Defence and Interior, Health, and Food and Agriculture to undertake working visits to prisons across the country to assess conditions firsthand.
According to the statement, Chairman Wontumi believes bipartisan cooperation between the Majority and Minority caucuses is necessary to secure the legal and financial reforms required to improve the prison system.
He has called for broader prison reforms across Africa, expressing hope that Ghana could lead the continent in improving correctional facilities.
Reflecting on his experience since July 20, Chairman Wontumi stated: “At this experience since July 20th till date, prison doesn’t reform as it should be. I pray that the entire Africa will learn from Ghana.”
The statement added that Chairman Wontumi remained in high spirits.
By: Jacob Aggrey
