GIADEC rejects claims of Ibrahim Mahama takeover as VALCO investor search continues

The Ghana Integrated Aluminium Development Corporation (GIADEC) has firmly denied reports that the Volta Aluminium Company (VALCO) is being sold to businessman Ibrahim Mahama, insisting that neither he nor any company linked to him is participating in the government’s ongoing search for a strategic equity partner.

The clarification follows allegations circulated by a group claiming to represent sections of VALCO’s workforce, prompting renewed public scrutiny over the future ownership of Ghana’s state-owned aluminium smelter. In a statement issued on Monday, GIADEC described the claims as “baseless, misleading and without any factual foundation.”

According to the corporation, the government remains focused on attracting a credible strategic investor to inject capital for the retooling and modernisation of VALCO rather than disposing of the company to any individual investor. GIADEC stressed that no expression of interest has been received from Ibrahim Mahama or any entity associated with him in the current strategic equity capitalisation process. (MyJoyOnline⁠)

The denial comes against the backdrop of labour unrest and public debate over plans to revitalise the ageing aluminium producer, which is expected to play a central role in Ghana’s integrated aluminium industry. Government officials have consistently argued that fresh investment is essential to restore production capacity, improve operational efficiency and position VALCO as the anchor smelter supporting the country’s broader industrialisation agenda. (GhanaWeb⁠)

GIADEC said the strategic partnership process will be conducted transparently and competitively, urging workers, investors and the public to disregard what it described as unfounded speculation capable of undermining investor confidence. The corporation also cautioned against statements that could create unnecessary tension or derail efforts to develop Ghana’s aluminium value chain.

The latest statement reinforces the government’s position that while strategic investment is being pursued to modernise VALCO, ownership discussions remain subject to a transparent process rather than any privately negotiated sale.