ICU-Ghana demands halt to proposed private takeover of VALCO
The Industrial and Commercial Workers’ Union (ICU-Ghana) has called on the government to suspend all processes towards the proposed transfer of part ownership and control of the Volta Aluminium Company Limited (VALCO) to a private investor.
The Union said any transaction involving VALCO must first be subjected to comprehensive legal, financial, technical and institutional scrutiny, as well as broad stakeholder consultation, before a final decision is taken.
The call follows the inauguration of a negotiating team by the Ministry of Lands and Natural Resources on August 21, 2026, to negotiate definitive terms with a prospective strategic investor for the retooling and expansion of VALCO.
Although the ICU acknowledged assurances from the Lands and Natural Resources Minister, Emmanuel Armah-Kofi Buah, that the proposed transaction would not constitute “outright privatisation”, it said reports of plans to transfer part of the State’s equity in VALCO to a private investor raised significant concerns.
In a statement dated Thursday, August 27, the Union stressed that it supported efforts to modernise, retool and expand VALCO but disagreed with the proposed transfer of ownership and control as the means of achieving those objectives.
The ICU argued that VALCO could be restored to sustainable production through the provision of reliable and competitively priced electricity, competent and accountable management, State-backed recapitalisation and appropriate debt financing.
It also proposed operational and governance reforms, measurable performance targets and stronger accountability mechanisms as alternative measures to revive the company while preserving State control of the strategic national asset.
The Union further called on President John Dramani Mahama to direct the Lands and Natural Resources Minister to suspend the process pending a comprehensive review of the proposed transaction and the government’s formal response to a petition submitted by the ICU.
“The Union will not accept any arrangement founded on secrecy, contradictions or procedural irregularities. The ICU strongly calls for an immediate halt to the process until all outstanding concerns have been fully addressed,” the Union said.
The ICU maintained that VALCO was a strategic national asset whose future should be determined by what best serves Ghana’s national interest, workers, industry and future generations.
It also called for meaningful consultation with workers and other relevant stakeholders, insisting that no transaction involving VALCO should be concluded behind closed doors.