We Oppose Proposed VALCO Transfer To Private Investor – ICU Insists

The Industrial and Commercial Workers' Union (ICU-Ghana) has staunchly opposed the proposed transfer of the Volta Aluminium Company Limited (VALCO) to private ownership. This stance was reaffirmed in a statement dated August 27, 2026, signed by the Union's General Secretary, Morgan Ayawine. While ICU acknowledges the need for modernization, its primary concern lies in the method of change, particularly the planned cession of a significant portion of state equity to a private investor.

The proposed transfer of 70 percent equity, which predated the establishment of a negotiating team by the Ministry of Lands and Natural Resources, has been a point of contention. ICU maintains that ceding a controlling interest in a state-owned company to a private entity would, in essence, involve a substantial transfer of ownership and control, even if the arrangement is presented as a strategic investment.

The Union's opposition to this transfer predates the formation of the negotiating team, as the National Executive Council had already formally resolved against a 70 percent equity transfer on July 31, 2026. This decision came after a peaceful demonstration in Tema and a petition to President John Dramani Mahama to retain VALCO as a strategic national asset under full state ownership.

ICU has raised questions about the investor-selection process, pointing out discrepancies between the Minister's assurance of no investor selection and the inauguration of an investor-selection committee by GIADEC in November 2025, and the announcement of secured investors on January 8, 2026. The Union cited a letter from Press Metal Aluminium Holdings Berhad, a principal technical partner of the Arch Holdings consortium, which indicated that its submission before the January announcement was merely a Letter of Intent from September 29, 2025.

Press Metal and Vitol reportedly did not visit VALCO until April 2026, casting doubt on the current composition, technical capacity, and financial credibility of the prospective investor. The Union has urged President Mahama to direct the Minister to halt the transfer process pending a comprehensive review and a formal response to their petition.

ICU proposes alternative measures for modernization, including reliable power, competent management, state-backed recapitalization, debt financing, and governance reforms. The Union insists that VALCO is a strategic national asset whose future should be determined by what best serves Ghana's national interest.