By M. Arhin
The future of Ghana’s aluminium giant, the Volta Aluminium Company (VALCO), has become the centre of a growing national debate following reports that a strategic partner could take a controlling stake in the company, leaving Ghana with only 30 per cent ownership.
At the heart of the controversy is the reported ownership structure, which would give a private strategic partner majority control of the company, leaving the State, the original owner of VALCO, as a minority shareholder in one of Ghana’s most important industrial assets.
The question many Ghanaians are asking is simple: How does Ghana, after decades of investment in VALCO, end up owning only 30 per cent of a company that was built to serve as a foundation for industrial development?
VALCO has long been considered a strategic national asset. Established in 1967, the aluminium smelter was created to support Ghana’s industrialisation agenda and remains a key part of efforts to develop an integrated aluminium industry.
Could it be a coincidence that the Chief Executive Officer of the Ghana Integrated Aluminium Development Corporation (GIADEC), Reindorf Twumasi Ankrah, on February 11, 2026, appeared on Channel One TV to dismiss claims that VALCO was being handed over to private investors, insisting that government was pursuing a co-ownership arrangement?
His comments came amid growing discussions and reports surrounding a possible strategic partnership involving VALCO, with concerns being raised over the structure of the deal and the level of ownership that could be given to a private investor.
The writer, M. Arhin, also known as [The Political Truth], a political analyst & commentator.