VALCO sale fears spark protest as workers demand government halt ownership plans
ICU-Ghana has protested against the alleged sale of VALCO, warning that any ownership transfer could threaten jobs despite government insisting it is pursuing co-ownership, not a sale.
Workers at Ghana's Volta Aluminium Company (VALCO) have stepped up opposition to what they believe are plans to privatise the state-owned aluminium producer, with the Industrial and Commercial Workers' Union (ICU)-Ghana staging a protest and warning that any transfer of ownership could put hundreds of jobs at risk.
The demonstration on Monday marks the latest escalation in a months-long dispute over the future of one of Ghana's flagship industrial companies, despite repeated government assurances that VALCO is not being sold.
Instead, the Ghana Integrated Aluminium Development Corporation (GIADEC) says it is pursuing a co-ownership arrangement with a private sector partner, insisting there are no plans for an outright sale of the company.
The union, however, says it remains unconvinced.
Addressing protesters, ICU-Ghana General Secretary Morgan Ayawine said the demonstration was intended to defend workers' livelihoods and protect what he described as one of Ghana's most important strategic national assets.
"July 27, 2026, is a great day. It is a day for the determination of our destiny as patriotic citizens of this country.
We are here to determine the fate of one of the premier companies that was bequeathed by Osagyefo Dr Kwame Nkrumah to all of us," he said.
The protest follows months of unrest among sections of VALCO's workforce, who since January have alleged that the company is being positioned for sale under the leadership of GIADEC Chief Executive Reindorf Twumasi Ankrah.
Some workers have also called for his removal.
Government rejects sale claims
GIADEC has repeatedly denied claims that the government intends to sell VALCO.
The corporation maintains that discussions are focused on attracting a strategic private investor through a co-ownership model designed to strengthen the company's operations and revive Ghana's integrated aluminium industry.
Officials argue that private sector participation is necessary to inject capital, improve efficiency and expand production while keeping the state involved in the company's ownership.
However, labour leaders fear that any change in ownership structure could eventually lead to job losses and weaken public control over a key national asset.
Union warns against privatisation
Mr Ayawine accused successive governments of attempting to dispose of state-owned enterprises and urged the current administration not to repeat what he described as past mistakes.
"It has been noticed that over the years, government after government has attempted to sell everything, and now they are at it again, and they want to sell VALCO," he said.
He insisted the protest was motivated by workers' welfare rather than politics.
"We are not here to do politics. We are not partisan politicians. We are labour unions, and our duty is to ensure that jobs are created," he said.
Strategic industry under scrutiny
VALCO occupies a central place in Ghana's ambition to develop an integrated aluminium industry, linking the country's bauxite resources with alumina refining and aluminium production.
Any restructuring of the company is therefore likely to attract close scrutiny from organised labour, investors and policymakers alike.
With workers demanding greater transparency and GIADEC maintaining that no sale is planned, the future ownership structure of VALCO is emerging as one of the most closely watched industrial policy issues facing the Mahama administration.