Workers of the Volta Aluminium Company Limited (VALCO) have vehemently opposed plans to privatise 70 percent of the state-owned aluminium producer. They warn that selling a majority stake to a private investor could undermine Ghana's strategic industrial interests, threaten jobs, and reverse recent operational gains.
The Industrial and Commercial Workers' Union (ICU), led by General Secretary Morgan Ayawine, organised a peaceful protest in Tema. The union alleges that the Ghana Integrated Aluminium Development Corporation (GIADEC) is proceeding with plans to transfer a 70 percent equity stake in VALCO to Arch Holdings Consortium. This proposed investment would hand over management and control to a private entity, despite sustained opposition from the workforce.
This protest highlights ongoing tensions between government divestment strategies and worker concerns over job security and national asset preservation. Ghana has a history of privatising state-owned enterprises, often facing resistance from unions concerned about the social impact. The government's broader economic strategy includes attracting private investment to boost efficiency and reduce the financial burden on the state, but this often clashes with the perceived strategic importance of certain industries.
Morgan Ayawine, General Secretary of the ICU, stated that the State and the workforce have invested enormous resources and expertise in restoring VALCO. He added that it would be unjustifiable to relinquish state control just as these efforts are yielding results. The union questioned the rationale behind the proposed transaction, especially after the Minister for Lands and Natural Resources recently highlighted VALCO's operational successes.
The workers have appealed directly to President John Dramani Mahama for his intervention to halt the proposed sale. They reminded the President of his May Day address, where he urged organised labour not to remain silent when state-owned enterprises were mismanaged. The union argues that allowing the sale would contradict the President's publicly stated commitment to protecting strategic state-owned enterprises and safeguarding employment. The outcome of this appeal will significantly influence the future of VALCO and could set a precedent for other state-owned enterprises.
VALCO, under its current Board and management, has embarked on a structured five-year optimisation programme. This programme aims to improve operational efficiency, expand production capacity, and position the company among leading aluminium producers in the sub-region. Substantial investments in plant rehabilitation, infrastructure, operational improvements, and workforce development have already begun transforming the company's fortunes. The workers fear that privatisation could disrupt this progress and lead to financial losses for both employees and the State, while also undermining Ghana's Integrated Aluminium Industry.