The Industrial and Commercial Workers’ Union (ICU-Ghana) has called on the government to suspend negotiations over the proposed transfer of a controlling stake in the Volta Aluminium Company Limited (VALCO) to a private investor.
The Union said it supports efforts to modernise and expand the state-owned aluminium company but strongly opposes any arrangement that would result in the State losing control of the strategic asset.
The demand follows the inauguration of a government negotiating team on August 21, 2026, to engage a prospective strategic investor on the retooling and expansion of VALCO.
In a statement signed by General Secretary Morgan Ayawine on Thursday, August 27, the ICU questioned the government’s characterisation of the transaction as something other than “outright privatisation.”
It argued that transferring 70% of VALCO’s equity to a private investor would effectively hand over control of the wholly state-owned company.
The Union also questioned how the prospective investor was selected. It said statements attributed to the Lands and Natural Resources Minister, Emmanuel Armah-Kofi Buah, suggested that no investor had been selected, while information from the Ghana Integrated Aluminium Development Corporation (GIADEC) indicated that investors had been secured as early as January 2026.
The ICU further raised questions about the involvement of Press Metal Aluminium Holdings Berhad in the Arch Holdings Consortium, citing correspondence it said indicated that the company had initially submitted only a Letter of Intent.
It said the circumstances surrounding the selection process required government to explain how the consortium’s technical and financial capacity was assessed.
The Union is also seeking clarification following reports of Press Metal’s withdrawal from the proposed arrangement. It wants the government to disclose the current composition of the investor group and demonstrate that it has the capacity to finance and execute the planned expansion.
While acknowledging VALCO’s operational difficulties, the ICU argued that transferring controlling ownership to a private investor is not the only solution. It proposed State-backed recapitalisation, reliable and affordable power, debt financing, governance reforms and measurable performance targets as alternatives.
The Union said its position against the proposed transfer was formally adopted by its National Executive Council on July 31, following a demonstration in Tema and a petition to President John Dramani Mahama.
It is therefore asking the President to halt the negotiations until the concerns raised in its petition have been fully addressed.
The ICU maintained that VALCO is a strategic national asset and urged the government to prioritise national interests, workers and Ghana’s long-term industrial development in determining its future.
