Kwesi Pratt Jnr, a veteran journalist and Managing Editor of the Insight newspaper, has fired shots at the Mahama government proposals to sell a 70% stake in the Volta Aluminium Company (VALCO) in exchange for a $600 million investment.
According to Kwesi Pratt, Ghana is sitting on bauxite worth $48bn; yet public officials claim the country cannot raise $600m.
He explained that the country’s bauxite reserves, valued at about $48 billion, could serve as collateral to raise the required capital.
Kwesi Pratt Jnr questioned why the government would consider giving away a controlling stake in VALCO when the company can potentially become the backbone of Ghana’s industrialisation project.
Speaking on Metro TV on Wednesday, July 29, 2026, Pratt Jnr argued, “This country we are sitting on bauxite untouched worth $48 billion, yet we claim we cannot raise $600 million. Isn’t that strange?”
“If you are this incompetent or if you are this useless, why are you anywhere near government assets? Why have we given our powers to you to manage our affairs?
“We are talking about a county that could potentially become the backbone of our industrialisation project, and we are throwing our hands in despair that we need an individual to come and give us $600 million and take 70% of the company. Are you crazy? “
Kwasi Pratt suggested that the government explore alternative financing arrangements.
He noted that the government could go for loans from banks and financial institutions, based on VALCO’s commercial viability.
“On the strength of the enterprise, you can approach banks, secure $600 million, retrofit and expand operations, and repay as a loan. Financial institutions don’t need to own shares to provide funding”.
We know that we are sitting on $48 billion; what deal can’t we make with a financial institution or a Bank to save VALCO? Why should you have to sell 70 per cent of VALCO to be able to generate $600 million, peanuts compared to what we are sitting on. It does not make any sense at all; sometimes I am lost and wonder how public officials think, sometimes I even wonder whether they do any thinking at all,” he explained.
His comment follows Reindorf Twumasi Ankrah, the Chief Executive Officer of the Ghana Integrated Aluminium Development Corporation (GIADEC), saying the government will retain no less than a 30% stake in the Volta Aluminium Company (VALCO).
The GIADEC CEO disclosed that the Strategic investor is not buying VALCO as they enter negotiations with a preferred investors.
According to the GIADEC CEO, the government do not intend to sell VALCO, adding that the ongoing process is aimed at attracting investment.
He disclosed that Cabinet’s approval was only to authorise the commencement of negotiations with the preferred investor.
Speaking in an interview with the Daily Graphic, Reindorf Twumasi Ankrah stated, “The strategic investor is not buying VALCO”.
“The plan is to retool VALCO to its nameplate capacity of 200,000 metric tonnes per annum and add an additional 100,000 tonnes per annum,” he said.
Reindorf Twumasi Ankrah noted that VALCO has failed to record a profit for more than 15 years, operating at just 20% capacity and accumulating debts exceeding $200 million.
He stated, “VALCO has since worked at a severely limited 20 per cent capacity, resulting in persistent year-on-year losses with a debt portfolio of over $200,000,000”.
“No VALCO employee would lose their job as part of the negotiated package”.
The GIADEC CEO disclosed that VALCO workers’ concerns would be addressed during the formal negotiation process.
Watch the video below:
Are You Crazy? $600m for 70% shares in a $ 45Bn-worth VALCO? – Kwesi Pratt fumes over VALCO conundrum#GoodMorningGhana #MetroTV pic.twitter.com/06HeKOQyO9
— Metro TV Ghana (@metrotvgh) July 29, 2026
@ghnow_ Hon Sarah Adwoa Safo makes her first public appearance after shooting incident #GHnow #fyp ♬ original sound – GHnow
@ghnow_ Hon. Adwoa Safo has arrived at the burial of his father, Apostle Kwadwo Safo Kantanka #GHnow #fyp ♬ original sound – GHnow
