The Minister of Lands and Natural Resources, Emmanuel Armah-Kofi Buah, has dismissed claims that the Volta Aluminium Company (VALCO) is being sold, assuring workers that the government has no such intention.
He gave the assurance when he met management and staff of the company yesterday, following a demonstration by some workers over what they believed to be plans to sell the state-owned enterprise.
The Minister explained that Cabinet had only approved a process to identify a strategic investor to inject the capital needed to revive the struggling company.
He indicated that more than US$700 million would be required to modernise the plant and restore it to full operational capacity.
“Nobody will sell VALCO. Not under the watch of President John Mahama. We are only looking for the right partner to help turn the company around,” he said.
Mr Buah noted that VALCO was currently burdened with more than US$250 million in power-related debts, ageing equipment, frequent breakdowns and declining production levels, which had made sustainable operations difficult.
He said the government believed that attracting a strategic investor remained the most viable option to modernise the plant, clear its debts and create more jobs for Ghanaians.
As part of measures to ensure transparency and protect the interests of workers, the Minister announced that a representative of staff would be included on the investor selection committee, in addition to management’s representation.
The Chief Executive Officer of VALCO, Dr Robert Sambian, welcomed the Minister’s assurance and urged workers to remain calm and support the ongoing process.
He appealed to staff to exercise patience, noting that the process was ultimately in their best interest and the future of the company.
“Let us all have patience. Let us go through the process, bearing in mind that ultimately it is in the interest of the workers and the future of VALCO,” he said.
Dr Sambian added that management would ensure that the interests of workers remained central throughout the negotiations
BY TIMES REPORTER
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