The Professional and Management Staff Union (PMSU) of the Volta Aluminium Company (VALCO) has publicly endorsed the government's initiative to secure a strategic investor for the struggling company. This endorsement comes as the union explicitly disassociated itself from recent demonstrations opposing the government's efforts. The PMSU stated it was neither consulted nor informed about the planned protests.
The union, in a statement issued in Tema on Monday, reaffirmed its support for the government's decision. It described the pursuit of a strategic investor as critical to restoring the fortunes of the ailing aluminium smelter. The PMSU highlighted that efforts to secure an investor have been ongoing for more than five years. During this period, the condition of the plant has continued to deteriorate significantly.
This situation makes substantial capital investment unavoidable for VALCO's survival. The company requires significant funding to rehabilitate its obsolete infrastructure. It also needs investment to restore competitive production capacity and ensure reliable access to power and raw materials. The union stressed that such a large investment cannot be generated internally by VALCO.
Mr. Isaac Odor, Chairman of the PMSU, signed the statement. He emphasized the urgency of the situation for the company's future. The union's stance provides crucial support for the government's long-term strategy for VALCO. This strategy aims to revitalize a key industrial asset in Ghana.
The PMSU also strongly dismissed claims that GHS 72 million (equivalent to $60 million) would be enough to restore the smelter to efficient operation. It described this figure as unrealistic and inconsistent with the plant's current state. Assessments by the union's engineers and technical professionals show that much of the equipment is obsolete. Many parts can no longer be refurbished due to a lack of spare parts and technical support.
The union estimates that more than GHS 8.4 billion (equivalent to $700 million) would be required to fully rebuild the plant. This investment is necessary to return it to competitive operation. The PMSU cautioned that a GHS 72 million intervention would only provide temporary relief. It would leave fundamental structural challenges unresolved, potentially leading to further deterioration and additional costs to the state.
The PMSU called for the publication of technical assessments, equipment condition reports, and cost estimates. These documents should underpin the GHS 72 million proposal to allow for independent scrutiny. The union urged the government to expedite the process of securing a strategic investor. It also called for all proposals regarding VALCO's future to undergo transparent financial and engineering evaluation.
The union further warned that demonstrations suggesting divisions within the company could undermine investor confidence. Such actions could weaken efforts to attract the needed strategic partner. The PMSU reaffirmed its commitment to VALCO's revival and the growth of Ghana's aluminium industry. It stressed that the company's long-term sustainability depends on substantial investment and a credible strategic partnership.