The Industrial and Commercial Workers’ Union (ICU), Ghana, has strongly opposed any attempt to sell the Volta Aluminium Company Limited (VALCO), describing such a move as a threat to Ghana’s long-term interest.
In a press statement dated January 14, 2026, and signed by its General Secretary, Mr. Morgan Ayawine, the Union said VALCO remains one of Ghana’s most strategic state-owned enterprises and should be preserved as a wholly government-owned asset.
“VALCO is one of Ghana’s most prized and prestigious national assets, with a proud history dating back to the Kaiser era,” the statement said, noting that the company has survived and overcome several operational challenges in the past.
According to ICU-Ghana, the current difficulties facing VALCO are not unique and can be resolved with the right level of government support and investment, just as was done previously. The Union pointed to recent efforts by Management to stabilize operations and expand the company’s capacity under the Ghana Integrated Aluminium Development Corporation (GIADEC) project.
“Management has demonstrated resilience and commitment by taking decisive steps to overcome existing difficulties and to expand VALCO’s capacity to process bauxite into value-added products,” the statement said, referencing a publication in the Ghanaian Times of January 8, 2026.
The Union expressed concern over what it described as “persistent machinations” by certain influential individuals pushing for the sale of VALCO to private investors. ICU-Ghana questioned the motives behind such calls.
“Whose interest are they serving? Where lies their patriotism?” the statement asked, accusing some officials within GIADEC and VALCO of scheming to dispose of the company for personal gain.
ICU-Ghana said it was “vehemently opposed to any sale, concession, or arrangement” that would strip Ghana of full ownership of VALCO, warning that posterity would not forgive those who mortgage the country’s future for short-term interests.
The Union also cautioned that privatizing VALCO could worsen unemployment, at a time when the country is already grappling with job losses.
“Selling VALCO would inevitably result in job losses and further worsen the unemployment crisis,” ICU-Ghana said, adding that adequately resourcing the company would rather protect existing jobs and create new ones.
In addition, the Union condemned reports of plans to sell portions of VALCO’s land to private individuals, describing the move as “unconscionable” and a “grave betrayal of public trust.”
“These lands are held in trust for the people of Ghana for the future expansion and development of VALCO’s operations and are therefore not transferable,” the statement stressed.
ICU-Ghana recalled its previous opposition to the sale of the National Investment Bank (NIB), which it said led to the bank’s recapitalization and eventual turnaround.
“Today, NIB stands as one of the most successful investment banks in the country. This serves as a clear lesson,” the Union noted.
The union also reiterated its long-standing opposition to the privatization of the Electricity Company of Ghana (ECG) and urged government to apply the same caution in the case of VALCO.
“National assets must be preserved, strengthened, and developed to serve the collective interest of Ghanaians,” the statement said.
ICU-Ghana called on government to invest in VALCO and allow the current Board and Management the space to implement ongoing reforms, rather than pursuing what it described as a “reckless push” to sell the company.
“VALCO’s challenges are not insurmountable. What is required is collective commitment, investment, and support—not the handover of this strategic asset to private interests,” the statement concluded.
Read full statement HERE.
