Ibrahim Mahama, a Ghanaian businessman, has dismissed claims that he is seeking to acquire the Volta Aluminium Company (VALCO).
According to Ibrahim Mahama, the allegations are false, as he has no interest in VALCO, and neither has he made any offer to acquire it.
He announced his intention to take legal action against individuals responsible for spreading the claims.
In a statement issued by his Special Aide, Rafik Mahama, the businessman clarified that he has no plans to take over the state-owned aluminium company.
The denial comes after a demonstration by the VALCO Labour Union, during which some protesters alleged that Mr Mahama was interested in acquiring the company.
In the statement, Rafik Mahama wrote, “RE: FALSE MEDIA PUBLICATION OF TAKE OVER OF VALCO BY MR IBRAHIM MAHAMA
The attention of Mr Ibrahim Mahama has been brought to a demonstration held by the Labour Union of VALCO, during which some demonstrators allege that he is interested in acquiring VALCO.
Mr Ibrahim Mahama has no such interest and has not made any such offer to acquire VALCO.
Unfortunately, the allegation is the latest in several vile attempts to impute the integrity of Mr Ibrahim Mahama and subject him to needless public engagements.
The track record of the integrity of the businesses that Mr Mahama has an interest in proves that his businesses are among the best rural operations across the African continent.
All of the business interests of Mr Mahama have been legally commenced or acquired and operate within the ambit of applicable laws. That explains why his businesses have survived across seven (7) election cycles.
He is committed to contributing his quota to the development of Ghana by investing in business opportunities in Ghana and beyond.
He has instructed his lawyers to take the necessary legal action
Rafik Mahama, Special Aide to Mr Ibrahim Mahama”.
In related news, Reindorf Twumasi Ankrah, the Chief Executive Officer of the Ghana Integrated Aluminium Development Corporation (GIADEC), has announced 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.
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