The Industrial and Commercial Workers’ Union (ICU-Ghana) has reiterated its opposition to any move by the government to transfer controlling ownership of the Volta Aluminium Company Limited (VALCO) to private investors.
The Union’s position follows the inauguration of a negotiating team by the Ministry of Lands and Natural Resources on August 21, 2026, to negotiate terms with a prospective strategic investor for the retooling and expansion of VALCO.
The Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, has reportedly assured the public that the proposed transaction does not constitute “outright privatisation.”
However, the ICU says the reported intention to cede part of the State’s equity in VALCO to a private investor raises serious concerns that require clarification.
According to the Union, it is not opposed to the modernisation, retooling or expansion of VALCO, but disagrees with the proposed approach, particularly the reported plan to transfer a substantial portion of the State’s equity.
“The position of the ICU is clear and unambiguous: the Union is not opposed to the modernisation, retooling and expansion of VALCO,” the Union said.
“Our concern is with the proposed method of achieving this objective, particularly the intention to cede a substantial portion of the State’s equity in VALCO to a private investor.”
The ICU said the Minister’s description of the transaction as not amounting to outright privatisation appears inconsistent with information previously presented to the Union regarding a proposed transfer of 70 percent of VALCO’s equity.
“In our considered view, ceding a controlling interest in a wholly State-owned company to a private investor would, in substance, result in a significant transfer of ownership and control,” the Union stated.
Opposition predates negotiating team
The ICU stressed that its opposition to the proposed transaction predates the inauguration of the government’s negotiating team.
It said its National Executive Council formally resolved on July 31, 2026, to oppose the proposed transfer of a 70 percent equity stake in VALCO.
The Union also pointed to a peaceful demonstration it organised in Tema on July 27, during which it submitted a petition to President John Dramani Mahama, urging him to ensure that VALCO remains a strategic national asset under full State ownership.
The ICU said it is therefore concerned that negotiations on the proposed transaction are continuing without the government first responding to the issues raised in its petition.
“It is therefore unacceptable to the Union that negotiations on the proposed transaction should continue without Government first addressing the concerns contained in the Union’s petition to the President,” it said.
ICU questions investor selection process
The Union has also raised questions about the process used to identify the prospective investor.
According to the ICU, there appear to be inconsistencies in the accounts surrounding the selection process.
The Union said it understands that the Lands and Natural Resources Minister informed workers that no investor had yet been selected.
However, it claims that the Ghana Integrated Aluminium Development Corporation (GIADEC) inaugurated an investor-selection committee in November 2025 and announced on January 8, 2026, that investors had been secured.
The ICU further cited a July 30, 2026 letter from Press Metal Aluminium Holdings Berhad, which it described as the principal technical and smelting partner of the Arch Holdings consortium.
According to the Union, Press Metal indicated that its only submission before the January 2026 announcement was a Letter of Intent dated September 29, 2025.
The company also reportedly indicated that representatives of Press Metal and Vitol did not physically visit the VALCO facility until April 2026, months after the announcement that investors had been secured.
By Daniel Opoku
