The Industrial and Commercial Workers’ Union (ICU-Ghana) has demanded an immediate halt to negotiations concerning the proposed transfer of a 70% controlling stake in the Volta Aluminium Company Limited (VALCO) to a private investor. The union insists that this move constitutes privatisation of a strategic national asset, contradicting government's description of the transaction.
This demand follows the Ministry of Lands and Natural Resources' inauguration of a negotiating team on August 21, 2026. The team's mandate is to finalise terms with a prospective strategic investor for VALCO's retooling and expansion. ICU-Ghana, however, rejects any arrangement that would see the State lose control of the vital aluminium company.
VALCO holds significant importance for Ghana's industrialisation agenda and economic independence. The company is a key component of the Ghana Integrated Aluminium Development Corporation (GIADEC) master plan, aiming to establish an integrated aluminium industry. Previous efforts to revitalise VALCO have faced challenges, often linked to power supply and operational efficiency. The current proposal to bring in a private investor is part of ongoing efforts to modernise and expand its capacity, which is crucial for local value addition in the bauxite-to-aluminium chain.
Morgan Ayawine, General Secretary of ICU-Ghana, stated in a press release on August 27, 2026, that the government's characterisation of the transaction as not “outright privatisation” requires further clarification. He added that transferring a 70% controlling interest in a wholly State-owned company to a private investor would, in substance, result in a significant transfer of ownership and control. This position underscores the union's deep concern about the long-term implications for national ownership of critical infrastructure.
The union also raised serious questions about the investor selection process. ICU-Ghana noted that the Lands Minister, Emmanuel Armah-Kofi Buah, had previously indicated that no investor had been selected. However, the Ghana Integrated Aluminium Development Corporation (GIADEC) announced on January 8, 2026, that investors had been secured, following an investor-selection committee inauguration in November 2025. This discrepancy has fueled the union's calls for greater transparency and accountability in the process.
Further concerns arose from a July 30, 2026, letter from Press Metal Aluminium Holdings Berhad, publicly understood as a key partner in the Arch Holdings consortium. Press Metal reportedly indicated that its only submission before the January announcement was a Letter of Intent dated September 29, 2025. The company also stated that its representatives did not physically visit VALCO until April 2026. ICU-Ghana argues that a Letter of Intent alone does not constitute a completed technical assessment or a binding financial commitment, questioning the basis for the consortium's suitability.
The reported withdrawal of Press Metal from the proposed transaction further complicates matters. ICU-Ghana demands that the government clarify the current composition of the prospective strategic investor. It also requires proof that the remaining entity possesses the necessary technical and financial capacity for the proposed investment. The union's preliminary inquiries into Arch Holdings Consortium have identified issues needing independent verification, adding to the urgency for government disclosure.
ICU-Ghana maintains that VALCO's operational challenges require urgent attention. However, it argues that private transfer of controlling ownership is not the only viable solution. The union proposes alternative measures, including reliable and competitively priced power, State-backed recapitalisation, and appropriate debt financing. It also suggests operational and governance reforms, alongside measurable performance targets, to modernise VALCO without surrendering State control. These alternatives aim to ensure the company's viability while retaining its strategic national importance.
The union's opposition to the equity transfer is not new. Its National Executive Council formally resolved against the proposed transfer of 70% of VALCO's equity on July 31, 2026. Earlier, on July 27, ICU-Ghana organised a demonstration in Tema, petitioning President John Dramani Mahama to ensure VALCO remained under full State ownership. The union now calls on President Mahama to direct the Lands and Natural Resources Minister to suspend all processes until their petition receives a comprehensive review and a formal response. The future of VALCO, a strategic national asset, must serve Ghana's national interest, its workers, and future generations.