The Professional and Management Staff Union (PMSU) of the Volta Aluminium Company (VALCO) has distanced itself from ongoing demonstrations against government’s efforts to secure a strategic investor for the company.
The union said it was neither consulted nor informed about the planned protest and, therefore, rejected any attempt to suggest that the action represented the views of its members.
In a statement issued in Tema on Monday and signed by its Chairman, Mr Isaac Odor, the union reaffirmed its support for government’s decision to pursue a strategic investor to revive the company.
It described the move as critical to restoring the fortunes of the ailing aluminium smelter.
The PMSU explained that efforts to secure a strategic investor had been ongoing for more than five years, during which the condition of the plant had continued to deteriorate, making significant capital investment unavoidable.
It stated that VALCO required substantial funding to rehabilitate obsolete infrastructure, restore competitive production capacity and ensure reliable access to power and raw materials.
According to the union, such investment could not be generated internally.
The PMSU also dismissed claims that $60 million would be sufficient to restore the smelter to efficient operation, describing the figure as unrealistic and inconsistent with the current state of the plant.
It said assessments by its engineers and technical professionals showed that much of the equipment had become obsolete and, in several cases, could no longer be refurbished due to the unavailability of spare parts and technical support.
The union estimated that more than $700 million would be required to fully rebuild the plant and return it to competitive operation.
It cautioned that a $60 million intervention would only provide temporary relief while leaving fundamental structural challenges unresolved, potentially leading to further deterioration and additional cost to the state.
The PMSU also called for the publication of technical assessments, equipment condition reports and cost estimates underlying the $60 million proposal to allow for independent scrutiny.
It urged the government to expedite the process of securing a strategic investor and ensure that all proposals regarding the future of VALCO were subjected to transparent financial and engineering evaluation.
The union further warned that demonstrations suggesting divisions within the company could undermine investor confidence and weaken efforts to attract the needed strategic partner.
It reaffirmed its commitment to the revival of VALCO and the growth of Ghana’s aluminium industry, stressing that the company’s long-term sustainability depended on substantial investment and a credible strategic partnership.
BY CLIFF EKUFUL
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