Ibrahim Mahama Not Buying VALCO

Businessman Ibrahim Mahama has firmly denied allegations that he is seeking to acquire the Volta Aluminium Company (VALCO), describing the claims as false, malicious and damaging to his reputation.

Mr Mahama has consequently instructed his lawyers to commence legal action against persons responsible for originating and circulating the allegations.

The denial follows a demonstration by VALCO workers in Tema on Monday, during which some protesters alleged that the businessman was behind plans to take over the state-owned aluminium smelter.

In a statement issued by his Special Aide, Rafik Mahama, on Monday, July 27, Mr Mahama stated categorically that he had never expressed interest in purchasing VALCO and had not submitted any proposal to acquire the company.

“Mr Ibrahim Mahama has no such interest and has not made any such offer to acquire VALCO,” the statement stressed.

False Allegations

The statement described the reports as the latest in what it called a series of coordinated attempts to tarnish the businessman’s image and drag him into needless public controversy.

According to the statement, the allegations were deliberately crafted to question Mr Mahama’s integrity despite having no factual basis.

It further maintained that all businesses associated with him were either established or acquired through lawful and transparent processes and continue to operate in full compliance with Ghanaian laws and regulations.

The statement noted that his companies have successfully operated through seven electoral cycles, attributing their longevity to sound corporate governance, prudent management and adherence to legal standards.

It added, Mr Mahama remains committed to investing in Ghana and across the African continent to support economic growth, job creation and national development.

Political Undercurrents

Meanwhile, highly placed sources told The Archives that the controversy surrounding VALCO has been fuelled by political interests within the company.

According to the sources, some politically exposed persons occupying key positions at VALCO are allegedly behind the growing agitation over the company’s future.

Insiders alleged that the current Chief Executive Officer, Robert Makila Sambian, together with some union leaders and other senior officials, are perceived to be sympathetic to the opposition New Patriotic Party (NPP) and are allegedly influencing the protests.

Government’s Position

The Archives has gathered that government is not pursuing an outright sale of VALCO but is instead seeking a strategic equity partnership through the Ghana Integrated Aluminium Development Corporation (GIADEC).

The proposed arrangement is intended to attract substantial private capital to modernise the ageing smelter while allowing government to retain significant ownership.

GIADEC Chief Executive Officer, Twumasi Ankrah, has disclosed that between $600 million and $2.3 billion would be required to fully retrofit VALCO’s obsolete potlines and settle outstanding legacy debts.

He assured that government would retain a substantial stake in the company to safeguard Ghana’s strategic interests, protect jobs and ensure long-term sustainability.

Workers Protest

The issue took another turn on Monday when VALCO workers took to the streets of Tema to protest rumours that government intended to privatise the company.

Dressed in red and black attire, the demonstrators marched through the industrial city carrying placards and chanting slogans against what they described as attempts to relinquish state ownership of one of Ghana’s most strategic industrial assets.

The protesters argued that VALCO remains central to Ghana’s industrialisation agenda and should continue to operate in the national interest rather than be transferred into private hands.

Their concerns were heightened by reports suggesting that government intends to introduce a strategic investor into the operations of the aluminium smelter, raising fears that the state’s ownership could eventually be diluted.

Public Debate

The controversy gained further momentum following discussions on UTV Ghana’s The Political Truth programme, where political analyst M. Arhin questioned whether the introduction of a strategic partner could effectively amount to the sale of VALCO.

The programme raised concerns about the identity of the proposed investor and whether Ghana could eventually become a minority shareholder in one of its most important industrial assets.

The speculation has since generated widespread public debate, with many calling on government to clearly outline its plans for the company.

Petition

The VALCO workers and their union leaders formally presented a petition to the Mayor of Tema, Ebi Bright, urging immediate government intervention to halt any move toward the sale or privatisation of the company.

Receiving the petition on behalf of the appropriate authorities, the Mayor acknowledged the workers’ concerns and assured them that their petition would be forwarded for the necessary attention.

The workers argued that VALCO is more than a commercial enterprise, describing it as a strategic national asset that plays a vital role in Ghana’s industrialisation, employment generation and economic development.

They further appealed for transparency and broad stakeholder consultation before any major decision affecting the company’s ownership structure is taken.