The Industrial and Commercial Workers’ Union (ICU-Ghana) has renewed its opposition to any government plan to transfer controlling ownership of the Volta Aluminium Company Limited (VALCO) to private investors.
The union’s latest position follows the inauguration of a negotiating team by the Ministry of Lands and Natural Resources on 21 August 2026. The team has been tasked with negotiating terms with a prospective strategic investor to retool and expand VALCO.
Minister for Lands and Natural Resources Emmanuel Armah-Kofi Buah has reportedly sought to reassure the public that the proposed arrangement would not amount to “outright privatisation”.
However, ICU-Ghana says the reported plan to transfer part of the State’s equity in the wholly state-owned company raises significant questions that must be answered before negotiations continue.
The union said it supports the modernisation, retooling and expansion of VALCO, but objects to the proposed structure for achieving those objectives, especially the reported transfer of a substantial shareholding to a private investor.
“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.”
According to the union, the minister’s description of the arrangement as something other than outright privatisation appears to conflict with information previously presented to its representatives.
ICU-Ghana said it had been informed that the proposal involved the transfer of 70% 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.
Union says concerns were raised before negotiations began
ICU-Ghana also stressed that its objection was made before the government’s negotiating team was formed.
Its National Executive Council formally resolved on 31 July 2026 to oppose the proposed transfer of a 70% stake in VALCO, the union said.
That decision followed a peaceful demonstration organised by the union in Tema on 27 July. During the protest, ICU-Ghana submitted a petition to President John Dramani Mahama, calling on him to ensure that VALCO remained a strategic national asset under full State ownership.
The union said it was concerned that negotiations were proceeding without the government first responding to the issues outlined 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.
Questions raised over investor selection
The union has also challenged the account of how the prospective investor was identified.
ICU-Ghana said there appeared to be inconsistencies between statements made about the selection process and information available from earlier stages of the proposal.
The union said the Lands and Natural Resources Minister told workers that no investor had yet been chosen.
However, it claimed that the Ghana Integrated Aluminium Development Corporation (GIADEC) had already inaugurated an investor-selection committee in November 2025 and announced on 8 January 2026 that investors had been secured.
ICU-Ghana also referred to a letter dated 30 July 2026 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 said its only submission before the January 2026 announcement had been a Letter of Intent dated 29 September 2025.
The company also reportedly said that representatives of Press Metal and Vitol did not visit the VALCO facility in person until April 2026 several months after the announcement that investors had been secured.
The union said these issues required clarification as the government continued discussions over the proposed investment and the future ownership of VALCO.
