'We will revive VALCO, nobody can stop it' — Armah Kofi Buah declares 

The Minister for Lands and Natural Resources, Hon. Emmanuel Armah Kofi Buah, has acknowledged the critical role the Volta Aluminium Company Limited (VALCO) can play in transforming Ghana's economy once it is fully revived.

Consequently, he said government would invite strategic investors to partner in restoring the company to its former glory and unlock its enormous potential to drive industrialisation within the Tema Industrial Enclave while creating sustainable employment opportunities for Ghanaians.

Addressing hundreds of employees during a working visit to the company last Thursday to familiarise himself with its operations, the Minister dismissed speculation that the administration of President John Dramani Mahama intended to auction or privatise VALCO.

"Nobody will sell VALCO under President Mahama," he assured.

Responding to concerns raised by some employees that the company was on government's radar for privatisation, the sector Minister described the claims as a figment of people's imagination and deliberate falsehoods fabricated by a few selfish individuals to derail government's efforts to rebuild what he described as Ghana's industrial powerhouse.

"You accumulate debt and ask the taxpayer to pay for it. The ultimate responsibility for ensuring that this plant works does not rest with the employees alone. This organisation has a code of conduct and ethics," he cautioned.

The Minister urged those opposed to government's proposed revitalisation framework to provide constructive alternatives instead of spreading misinformation.

"If people genuinely have facts, they should bring them forward. It is our collective responsibility. Nobody has closed any deal here," he reiterated.

Hon. Armah Kofi Buah observed that the decline of VALCO has had a devastating effect on many industries within the Tema Industrial Enclave that previously depended on the company for raw materials.

According to him, several of these industries are either struggling to survive or have collapsed because of VALCO's operational challenges.

"We want to make sure we turn this place around, and we are in this together. We have to work together," he appealed passionately to the workers, who responded with thunderous applause.

He reassured employees that government's sole intention is to restore VALCO to profitability and position it as a viable and competitive state-owned enterprise.

In line with this objective, the Minister appealed to workers to give their maximum support to the proposed reforms being introduced by government for the benefit of all stakeholders.

Although government has already outlined the broad direction for the company's revival, he assured workers that the process would be transparent and that Cabinet had made all available options clear.

"We are open to any idea that will help turn around VALCO," he emphasised.

Hon. Emmanuel Armah Kofi Buah underscored the negative impact of VALCO's inability to operate at full capacity on Ghana's aluminium value chain.

"The effectiveness of the value chain is not happening because of the challenges facing this company. The refineries, the smelter and everything connected to it. It all starts with a profitable VALCO," the Minister remarked.

While reaffirming government's commitment to finding a lasting solution to revive the company, he warned that the administration would not tolerate propaganda or deliberate falsehoods by any individual seeking to derail the restructuring process or frustrate government's efforts to reposition VALCO for growth.

He explained that the objective is to modernise the company, significantly increase production, protect existing jobs, create thousands of additional employment opportunities and restore VALCO to long-term profitability.

Currently, VALCO operates only 90 reduction cells, although it has an installed capacity of 500 cells. Due to obsolete technology and ageing equipment, the company currently employs about 800 workers. However, when operating at full capacity, VALCO has the potential to directly employ not fewer than 2,000 people, while creating approximately 5,000 direct and indirect jobs across the aluminium value chain.

The Minister disclosed that an estimated investment of not less than US$700 million would be required to finance the company's revival, modernisation and long-term sustainability.