ICU warns against foreign stake in VALCO, urges gov’t to protect national asset

Emmanuel Baah Benimah, Deputy General Secretary (Operations) of the Industrial and Commercial Workers’ Union, has cautioned the Government of Ghana against introducing foreign equity into the Volta Aluminium Company Limited, insisting the company must remain wholly Ghanaian.

Speaking on behalf of ICU-Ghana General Secretary, Morgan Ayawine, at the inauguration of newly elected Local Union executives at VALCO in Tema on March 31, 2026, Mr. Benimah warned that any attempt to cede ownership—whether to foreign or local interests—would be “inimical to the national interest.”

“VALCO is a strategic national asset of which we are immensely proud. Not even the smallest fraction of it should be ceded,” he stressed.

His comments come amid renewed discussions on restructuring and recapitalising state-owned enterprises, with some proposals advocating private sector participation to improve efficiency and funding. However, ICU-Ghana maintains that the government must pursue alternative and lawful means of financing VALCO without divesting equity.

Mr. Benimah acknowledged that the company faces operational challenges but insisted these are manageable with decisive government action. He expressed confidence that with adequate financial support and ongoing management efforts, VALCO can achieve sustainable recovery.

He also pointed to the company’s historical performance, particularly during its partnership with Kaiser Aluminium, as a benchmark for success. “Let us reflect on the VALCO of the Kaiser era, learn from its successes, and commit ourselves to rebuilding it to that enviable standard,” he said.

Linking the issue to broader economic concerns, Mr. Benimah warned that past decisions to dispose of national assets have contributed to rising unemployment.

“Regrettably, in the past, we hastily disposed of valuable and productive national assets. Today, we are confronted with the consequences—most notably, high unemployment,” he added.

He further called for stronger collaboration between management and workers at VALCO, emphasizing the importance of industrial harmony and dialogue in resolving disputes.

Addressing the newly elected union executives, he urged professionalism and restraint in their duties. “Do not act in ways that the National Union would not endorse… We stand for fairness, justice, and industrial harmony,” he advised.

The inauguration ceremony, held at VALCO in Tema, forms part of the union’s governance process, in line with its constitutional requirements for swearing in elected officers.

Newly Elected VALCO Local Union Executives

• Chairman – Samuel Agyeman
• Vice Chairman – Uel Uzziel Matekole
• Secretary – David Kwabena Yeboah
• Assistant Secretary – James Appiah
• First Trustee – Joseph Agbanyo
• Second Trustee – Nii Okai Tagoe
• Executive Member – Joseph Atsu Damalie
• Youth Representative – Frank Annang
• Women’s Representative – Gifty Nyanful
• Chief Shop Steward – Mark Spears Tetteh