Reindorf Twumasi Ankrah, the Chief Executive Officer of the Ghana Integrated Aluminium Development Corporation (GIADEC), has said 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.
Meanwhile, The Ghana Integrated Aluminium Development Corporation (GIADEC) has refuted claims that the Volta Aluminium Company Limited (VALCO) is being sold to businessman Ibrahim Mahama.
According to GIADEC, the claims are baseless, misleading and without any factual foundation.
Chief Executive Officer of GIADEC, Reindorf Twumasi Ankrah, in a statement issued on Monday, July 27, stressed that claims circulating in the public domain and attributed to some individuals claiming to be VALCO staff, led by Samuel Watchman Agyeman, have no factual basis.
GIADEC stated that neither Ibrahim Mahama nor any company linked to him has expressed interest in the ongoing process to secure a strategic equity partner for the retooling and modernisation of VALCO.
The statement disclosed that government remains committed to a transparent process aimed at attracting credible strategic partners to support the modernisation of VALCO.
Meanwhile, 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.
@ghnow_ Hon. Ahmed Ibrahim is present at the launch of National Urban Policy Launch #GHnow #fyp ♬ Biggest Nathaniel – N.E records & lasmid
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