By Nelson Ayivor
After years of uncertainty and dormancy, there is hope on the horizon for Ghana’s Volta Aluminium Company, VALCO as the government has finally secured a strategic investor to breathe new life into the company.
With this milestone, VALCO is finally staring at a long-awaited turnaround, brightening its prospects for the economy and Ghanaians at large.
The breakthrough was announced when an investor selection committee, inaugurated by the Minister for Lands and Natural Resources, Hon. Emmanuel Armah-Kofi Buah, submitted its options analysis report on strategic investors to the government.
The core of the work of the committee was to present a viable and bold plan to modernise VALCO and restore it as the industrial backbone it was always meant to be.
Ghanaians, for decades, have lamented the inactivity of VALCO despite its huge potential towards Ghana’s industrial ambition. For years, production has persistently dwindled to about 40,000 tonnes annually, a fraction of its installed capacity.
Another challenges such as ageing infrastructure, high energy costs, and lack of capital, pushed the smelter to the brink. With the presentation of the report to the Minister, this story is set to change.
In receiving the report from the committee, Minister for Lands and Natural Resources, Emmanuel Armah Kofi Buah, made it clear that securing an equity investor was no longer optional.
He added it was essential for VALCO’s survival. The government’s target is to ramp up production to at least 200,000 tonnes per year by the end of 2028, beginning with immediate modernisation works in 2026.
The impact on the economy, he added, could be profound. A fully operational VALCO is expected to create a minimum of 6,000 direct jobs, with thousands more indirect jobs across transport, logistics, engineering, power supply, and downstream manufacturing. For young Ghanaians searching for stable industrial employment, VALCO’s revival offers renewed hope.
Beyond jobs, a stronger VALCO means reduced aluminium imports, improved foreign exchange savings, and a reliable anchor for local manufacturers producing cables, roofing sheets, cookware, auto parts, and construction materials.
It also strengthens Ghana’s industrial ecosystem, linking power generation, ports, rail, and logistics into one productive chain.
The investor selection process itself was rigorous. A 12-member committee, drawing expertise from VALCO, GIADEC, and key ministries, assessed proposals based on financial strength, technical competence, sustainable power solutions, environmental responsibility, and strong governance. The goal was not just money, but long-term partnership.
Government officials stress that this intervention builds on earlier decisions taken in 2022, when Cabinet approved the search for a majority equity investor.