Reindorf Twumasi Ankrah, the Chief Executive Officer of the Ghana Integrated Aluminium Development Corporation (GIADEC), has revealed that President John Mahama vision is to develop an industrial park within the Tema Industrial Enclave.
Speaking on GHOne TV in an exclusive interview, Reindorf Twumasi Ankrah revealed, “President Mahama’s vision is to develop an industrial park within the Tema Industrial Enclave, so he called on some appointees, and we embarked on a trip to witness some of these things, we liked what we saw, and went to report to him and we all agreed on how it should be done.
“So, under the GIADEC law, we have a mandate to develop an industrial park, so the conclusion was that because we have the mandate, lead the transaction under the supervision of your ministry”.
“TDC, according to the records are the owner of the lands on which VALCO even sits; VALCO lands are owned by TDC. When we came into office, VALCO lease for 50 years expired, so they wrote to TDC for renewal, I have cited a letter, were in october 2025 TDC wrote to them that they can only renew the lease in regards to a portion alittle over 200 hectrs were the smelter sits, the rest of the land government wants to use it for a strategic national project which is an industrial park”.
Meanwhile, Reindorf Twumasi Ankra revealed that the Volta Aluminium Company (VALCO) is in a $400 million debt.
According to the CEO of GIADEC, the KPMG audit on VALCO’s indebtedness was at about $400 million, with the company currently valued at approximately $130 million.
He detailed that due to the financial difficulties, VALCO shut down between 2022 and 2023.
Reindorf Twumasi Ankrah revealed that KPMG outlined five possible options for reviving the company, adding that following his resumption of office, he reviewed the KPMG report and consulted the sector minister, leading to the establishment of a 12-member committee.
The CEO explained that the committee’s report was presented to the board earlier this year and was unanimously endorsed, adding that the recommended course of action was the engagement of a suitable strategic investor.
Meanwhile, Reindorf Twumasi Ankrah has refuted claims that Volta Aluminium Company (VALCO) is being sold.
According to him, the Mahama government is pursuing a long-established policy of strategic partnership to rescue VALCO.
He made this clarification in an engagement, where he provided historical and operational context, asserting that the idea of bringing in a strategic investor is not new and predates the current administration.
He noted that by January 2025, VALCO’s debts had ballooned to about US$450 million.
The debt is owed to institutions including GRIDCo, the Ghana Revenue Authority and the Tema Development Corporation.
Watch the video below:
Pres. Mahama’s vision is to develop an industrial park within the Tema Industrial Enclave… – Reindorf Twumasi Ankrah Esq. (CEO, Ghana Integrated Aluminum Development Corporation) #GHOneNews #EIBNetwork #GHOneTV #NewsAlert #StateOfAffairs pic.twitter.com/qw9Slggpsr
— GHOne TV (@ghonetv) February 10, 2026