Ibrahim Mahama Denies VALCO Bid, Threatens Legal Action Over Acquisition Claims

Businessman Ibrahim Mahama has firmly dismissed claims that he is seeking to acquire the Volta Aluminium Company (VALCO), describing the allegations as baseless and instructing his lawyers to pursue legal action against those behind their circulation.

The denial follows protests by sections of VALCO’s labour union, during which some demonstrators reportedly alleged that the founder of Engineers & Planners was positioning himself to take over the state-owned aluminium producer.

In a statement issued by his Special Aide, Rafik Mahama, the businessman said he has neither expressed interest in purchasing VALCO nor submitted any proposal to acquire the company.

The statement characterised the reports as part of a broader pattern of attempts to undermine his reputation and draw him into unnecessary public controversy. It stressed that Ibrahim Mahama’s business interests have always been established and expanded through lawful commercial processes and in full compliance with Ghanaian regulations.

The aide further pointed to the longevity of Mahama’s businesses, noting that they have operated successfully across seven electoral cycles, which he said reflects sound corporate governance and prudent management rather than political patronage.

Reaffirming his commitment to Ghana’s economic development, the statement said Mahama remains focused on investing in viable businesses that create jobs and contribute to national growth across Ghana and the wider African continent.

His legal team has now been instructed to commence proceedings against those responsible for publishing or spreading the allegations, although no specific individuals or organisations were named.

The clarification comes as debate intensifies over the future of VALCO, with workers voicing concerns about the strategic aluminium company’s operations and ownership. Mahama, however, insists he has no involvement in—and no interest in—any proposal to acquire the state-owned enterprise.