The Industrial and Commercial Workers Union (ICU) has called on government to urgently recapitalize the Volta Aluminum Company (VALCO) to improve its operations, while firmly opposing any attempt to cede ownership to foreign investors.
Speaking at the inauguration of a newly elected Local Union Executives of VALCO in Tema on Wednesday, April 1, 2026, the ICU’s Deputy General Secretary in charge of Operations, Emmanuel Baah Benimah, stressed that the Union remains committed to safeguarding the company as a wholly Ghanaian-owned asset.
“ICU-Ghana remains committed to collaborating with all stakeholders to stabilize and optimize VALCO’s operations for the benefit of Ghana,” he said.
Mr. Benimah, who delivered the address on behalf of the ICU General Secretary, emphasized that while the union supports efforts to revive the Company, it will resist any move to dilute national ownership.
“ICU-Ghana has consistently opposed—and will continue to oppose—any attempt to undermine VALCO’s indigenous status as a wholly owned Ghanaian company through the introduction of foreign equity,” he stated.
Describing VALCO as a strategic national asset, he added, “not even the smallest fraction of it should be ceded to local or foreign interests through equity participation.”
He urged government to explore alternative and lawful means of recapitalizing the company without divesting shares, noting that such a move would be against the national interest.
“VALCO belongs to the people of Ghana, and the Government… must explore all lawful means to recapitalize the company without resorting to equity divestment,” he said.
Mr. Benimah acknowledged the operational challenges facing the company but expressed confidence that they can be addressed with decisive government action and financial support.
“A strategic asset such as VALCO must be protected and preserved—not only in the national interest but also for future generations,” he noted.
He further called for a renewed national commitment to rebuilding the company, drawing inspiration from its past performance.
“Let us reflect on the VALCO of the Kaiser era—learn from its successes and commit ourselves to rebuilding VALCO to that enviable standard,” he said.
The ICU official also cautioned against the consequences of past divestments of state assets, linking them to rising unemployment.
“Regrettably, in the past, we hastily disposed of valuable and productive national assets. Today, we are confronted with the consequences—most notably, high unemployment,” he added.
Addressing the newly sworn-in union executives, Mr. Benimah urged them to act responsibly and uphold the principles of fairness and industrial harmony.
“Do not act in ways that the National Union would not endorse. We stand for fairness, justice, and industrial harmony,” he advised.
He also encouraged both management and labour to prioritize dialogue in resolving workplace disputes.
“Industrial democracy places a shared responsibility on all of us to resolve workplace issues through dialogue,” he said.
The event marked the official inauguration of the new VALCO Local Union leadership, who are expected to serve a four-year term.
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