The Minority Caucus in Parliament has publicly supported workers of the Volta Aluminium Company Limited (VALCO), demanding full transparency regarding the government's proposed 'strategic equity capitalization' of the state-owned enterprise. This move follows worker protests and comes as VALCO recently reported a US$3.19 million profit in the first half of 2026, raising questions about the necessity and nature of the proposed restructuring.
The Minority, through Hon. Kwaku Ampratwum-Sarpong, Ranking Member of Parliament’s Select Committee on Lands and Natural Resources, stated its full backing for the VALCO workers. The caucus described the workers' recent protest as a legitimate effort to protect a strategic national asset. They argue that the workers possess critical firsthand knowledge of VALCO's operations and potential threats to its future.
This development unfolds against a backdrop of increasing scrutiny over state-owned enterprises and their management in Ghana. The government has often sought private sector participation to improve efficiency and inject capital into struggling entities. However, the Minority's intervention highlights concerns about transparency and potential state capture, especially for profitable assets like VALCO, which is central to Ghana's integrated aluminium industry.
The Minority questioned the government's definition of 'strategic equity capitalization,' asking if it involves selling parts of VALCO, transferring ownership, surrendering management control, or privatizing the company. They insist that if the process genuinely serves Ghana’s national interest, the government must openly present all details to Parliament and the Ghanaian people. The caucus believes that using corporate terminology should not conceal public policy decisions.
Significantly, the Minority cited the VALCO Board Chairman's announcement of a US$3.19 million profit for the first half of 2026. This turnaround follows years of financial challenges for the company. The caucus finds the government's current proposal contradictory given VALCO's reported return to profitability. They demand explanations for the company's financial position, balance sheet, and the economic justification for restructuring ownership when the company is performing well.
The Minority also expressed deep concern about a growing concentration of influence within Ghana’s aluminium industry. They argue that when individuals with prior professional relationships linked to specific business interests occupy key positions in policy, regulation, and management of strategic assets, public confidence erodes. Such circumstances, they warn, can foster state capture, favouritism, and predetermined outcomes, undermining fair competition and national interest.
VALCO is considered a strategic national asset vital for Ghana’s industrial transformation agenda. The Minority emphasized that Ghana cannot afford to lose another strategic asset through opaque decisions, referencing past losses like Black Volta and Damang. They insist that any changes to VALCO’s ownership must be transparent and involve the Ghanaian people.
To ensure transparency, the Minority Caucus issued seven specific demands. They called on the government to immediately publish the complete framework for the strategic equity capitalization process. This includes VALCO’s latest audited financial statements, its independent valuation, the proposed equity structure, and the identities of all prospective strategic investors. Furthermore, they demand disclosure of the criteria used for investor selection and all Cabinet, Board, and ministerial approvals underpinning the process. The caucus maintains that Ghanaians deserve facts, not vague explanations, regarding the future of this critical asset.
The Minority has vowed to use every constitutional, legal, and parliamentary mechanism to resist any attempt to place VALCO under what they describe as politically connected interests. They concluded that the concerns raised by VALCO workers reflect a broader public interest. The caucus urged the government to provide full disclosure, stating, “The workers have spoken. The Ghanaian people are watching. Government must come clean.”