VALCO Strategic Equity Capitalization: Minority Backs Workers, Demands Full Transparency

The Minority Caucus in Parliament has thrown its full support behind workers of the Volta Aluminium Company Limited (VALCO), describing their recent protest as a legitimate effort to protect one of Ghana’s most strategic national assets.

In a press statement issued on July 29, 2026, and signed by Hon. Kwaku Ampratwum-Sarpong, Ranking Member of Parliament’s Select Committee on Lands and Natural Resources, the Minority accused the government of pursuing a secretive process regarding what it describes as a “strategic equity capitalization” of VALCO.

According to the Minority, the concerns raised by VALCO workers should not be dismissed as political propaganda. Instead, they argued that the workers possess firsthand knowledge of the company’s operations and are best placed to identify potential threats to its future.

“These are the men and women who keep VALCO running every single day. They understand its operations and its future. Government must listen instead of hiding behind hurried press statements issued only after public outrage,” the statement said.

Questions Over Strategic Equity Capitalization

The Minority questioned the true meaning of the government’s proposed strategic equity capitalization, asking whether it could involve:

* Selling part of VALCO.
* Transferring ownership.
* Surrendering management control.
* Privatizing the company under another name.

The caucus argued that if the government believes the process serves Ghana’s national interest, it should openly present every detail to Parliament and the Ghanaian people instead of using corporate terminology that conceals public policy decisions.

Minority Cites VALCO’s Return to Profitability

The statement highlighted that the Chairman of the VALCO Board recently announced the company had recorded a profit of US$3.19 million during the first half of 2026, describing it as a remarkable turnaround after years of financial challenges.

According to the Minority, the government’s latest proposal appears contradictory.

“If VALCO is profitable and recovering, why is the government now pursuing a strategic equity capitalization?” the statement questioned.

The caucus further demanded explanations regarding the company’s financial position, balance sheet and what economic justification exists for restructuring ownership when the company has reportedly returned to profitability.

Warns Against State Capture

The Minority also expressed concern about what it described as a growing concentration of influence over Ghana’s aluminium industry.

It argued that when institutions responsible for policy formulation, regulation, approvals and management of strategic national assets are occupied by individuals with previous professional relationships linked to the same business interests, public confidence is undermined.

According to the statement, such circumstances create conditions that encourage state capture, favouritism and predetermined outcomes.

“VALCO Belongs to the People of Ghana”

The Minority stressed that VALCO is a strategic national asset central to Ghana’s Integrated Aluminium Industry and broader industrial transformation agenda.

The statement warned that after the loss of Black Volta and Damang, Ghanaians cannot afford to lose another strategic national asset through decisions made behind closed doors.

It insisted that VALCO’s ownership should not be altered through secrecy and that the company’s future should be determined transparently with the involvement of the Ghanaian people.

Minority’s Seven Demands

The Minority Caucus called on the government to immediately publish:

1. The complete framework governing the strategic equity capitalization process.
2. VALCO’s latest audited financial statements, including its balance sheet, income statement and cash flow position.
3. The independent valuation of VALCO.
4. The proposed equity structure.
5. The identities of all prospective strategic investors.
6. The criteria used in selecting any strategic investor.
7. Every Cabinet, Board and ministerial approval underpinning the process.

The caucus maintained that Ghanaians deserve facts rather than vague explanations regarding the future of a strategic national asset.

Minority Vows to Resist

The Minority warned that it would use every constitutional, legal and parliamentary mechanism available to resist any attempt to place VALCO under what it described as politically connected interests.

The caucus concluded that the concerns raised by VALCO workers reflect broader public interest and urged the government to provide full disclosure.

“The workers have spoken. The Ghanaian people are watching. Government must come clean,” the statement concluded.