The Industrial and Commercial Workers' Union (ICU)-Ghana has formally petitioned President John Dramani Mahama to halt the proposed sale of a 70 percent equity stake in the Volta Aluminium Company (VALCO) to Arch Holdings Consortium.
The union argues that this transaction threatens Ghana's strategic national interests, job security, and industrialisation efforts. They believe transferring a controlling stake to a private investor would deprive Ghanaians of ownership of a key national asset. This move comes despite significant operational gains VALCO has made in recent years.
This proposed sale fits into a broader national discussion about the role of state-owned enterprises (SOEs) in Ghana's economy. The government often seeks private investment to improve efficiency and reduce the financial burden of SOEs. However, unions and civil society groups frequently raise concerns about job security and national control over strategic assets. VALCO, as a critical component of Ghana's integrated aluminium industry, holds significant economic and strategic importance.
Mr. Morgan Ayawine, General Secretary of the ICU, stated that credible information indicates the Ghana Integrated Aluminium Development Corporation (GIADEC) intends to release the 70 percent equity stake. He warned that such a decision could lead to job losses, a decline in workers' welfare, and financial losses to the state. The union believes the gains made by VALCO, through state, management, and worker sacrifices, should not be surrendered to private interests.
The ICU's petition to President Mahama follows a peaceful protest in Tema on July 27, 2026, where members marched with placards. Protesters delivered their petition to Ms. Ebi Bright, the Tema Metropolitan Chief Executive, for onward transmission to the President. The union appealed directly to President Mahama, referencing his May Day address in Koforidua, where he encouraged organised labour to speak out against mismanagement of state-owned enterprises. They are urging him to intervene decisively to ensure VALCO remains under Ghanaian ownership and control.
The union cautioned that if their concerns are not addressed promptly, they will consult their structures to determine further actions. These actions could assume a national dimension in defence of VALCO and its workforce. They also appealed to organised labour, civil society organisations, and the general public for support. The ICU believes continued state ownership of VALCO is crucial for Ghana's long-term interests, protecting jobs, and promoting industrial peace.
Further checks confirm the petition strongly objects to the sale of the 70 percent stake to Arch Holdings Consortium. The ICU highlights VALCO's operational progress under its current board and management, including a structured five-year optimisation programme. This programme aims to improve efficiency, expand production capacity, and strengthen workforce development. The union insists that maintaining state ownership is necessary to safeguard jobs and the country's Integrated Aluminium Industry.