The Industrial and Commercial Workers’ Union (ICU), Ghana, has strongly opposed any attempt to sell the Volta Aluminium Company Limited (VALCO), warning that such a move would undermine Ghana’s long-term national interest.
In a press statement dated January 14, 2026, and signed by its General Secretary, Mr. Morgan Ayawine, the Union described VALCO as one of Ghana’s most strategic state-owned enterprises and urged government to preserve it as a wholly state-owned asset.
“VALCO is one of Ghana’s most prized and prestigious national assets, with a proud history dating back to the Kaiser era,” the statement said, adding that the company has weathered and overcome significant operational challenges in the past.
According to ICU-Ghana, the difficulties currently confronting VALCO are not unique and can be addressed through adequate government support and investment, as has been done previously. The Union cited recent efforts by management to stabilize operations and expand capacity under the Ghana Integrated Aluminium Development Corporation (GIADEC) project.
“Management has demonstrated resilience and commitment by taking decisive steps to overcome existing difficulties and to expand VALCO’s capacity to process bauxite into value-added products,” the statement noted, referencing a report published in the Ghanaian Times on January 8, 2026.
The Union expressed concern over what it described as “persistent machinations” by influential individuals allegedly pushing for the sale of VALCO to private investors. It questioned the motives behind such calls, suggesting that some officials within GIADEC and VALCO may be acting out of self-interest.
“Whose interest are they serving? Where lies their patriotism?” the statement asked.
ICU-Ghana said it was “vehemently opposed to any sale, concession, or arrangement” that would dilute Ghana’s full ownership of VALCO, warning that posterity would not forgive those who mortgage the nation’s future for short-term gains.
The Union further cautioned that privatizing VALCO could exacerbate unemployment at a time when the country is already grappling with job losses.
“Selling VALCO would inevitably result in job losses and further worsen the unemployment crisis,” the statement said, arguing that adequately resourcing the company would instead protect existing jobs and create new ones.
ICU-Ghana also condemned reports of plans to sell portions of VALCO’s land to private individuals, describing such moves as “unconscionable” and a “grave betrayal of public trust.”
“These lands are held in trust for the people of Ghana for the future expansion and development of VALCO’s operations and are therefore not transferable,” the Union stressed.
Drawing parallels with past experiences, the Union recalled its opposition to the proposed sale of the National Investment Bank (NIB), which it said eventually led to the bank’s recapitalization and turnaround.
“Today, NIB stands as one of the most successful investment banks in the country. This serves as a clear lesson,” the statement said.
The Union also reiterated its long-standing opposition to the privatization of the Electricity Company of Ghana (ECG) and urged government to exercise similar caution in dealing with VALCO.
“National assets must be preserved, strengthened, and developed to serve the collective interest of Ghanaians,” ICU-Ghana said.
The Union called on government to invest in VALCO and allow the current Board and Management the space to implement ongoing reforms, rather than pursuing what it described as a “reckless push” to sell the company.
“VALCO’s challenges are not insurmountable. What is required is collective commitment, investment, and support—not the handover of this strategic asset to private interests,” the statement concluded.
