ICU Ghana opposes proposed VALCO private investment, demands review of 70% equity transfer
The Industrial and Commercial Workers’ Union (ICU-Ghana) has demanded an immediate halt to negotiations over the proposed transfer of a controlling stake in the Volta Aluminium Company Limited (VALCO) to a private investor. The Union says it is not opposed to the modernisation, retooling and expansion of VALCO but rejects any arrangement that would result in the State losing control of the…
The Industrial and Commercial Workers’ Union (ICU-Ghana) has called for a suspension of negotiations to transfer a majority stake in Volta Aluminium Company Limited (VALCO) to a private investor. The Union opposes the sale of the strategic national asset but supports its modernization. ICU's General Secretary, Morgan Ayawine, criticized the government's description of the transaction, saying it needed clarification.
The Union questioned how the prospective investor was chosen, pointing out that a Letter of Intent submitted in September 2025 was announced publicly in January 2026. The Union demanded an explanation of the consortium's suitability and the current investors' capabilities. It also sought transparency on Press Metal’s withdrawal from the deal.
ICU suggested alternatives like reliable power, State-backed funding, and reforms to modernize VALCO without losing government control. The Union, which opposed the proposed transfer since July 31, 2026, urged President Mahama to suspend negotiations while reviewing the concerns raised in a petition.
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