The Volta Aluminium Company Limited (VALCO) is engaging potential investors as part of efforts to expand operations and drive value addition within Ghana’s aluminium industry.
The move forms part of a broader strategy to reduce reliance on raw material exports and maximise returns from the country’s vast bauxite reserves.
According to the Board, discussions are focused on attracting strategic partners to support the retrofitting of existing infrastructure, expand production capacity, and fully integrate Ghana’s aluminium value chain.
Speaking to the media after engagements with prospective investors, Board Member of VALCO and Member of Parliament for Evalue-Ajomoro-Gwira Constituency, Kofi Arko Nokoe, said the initiative is aimed at unlocking the economic potential of Ghana’s bauxite resources.
“We’re sitting on about a billion ton of bauxite, and the major aim of this board… is to ensure that the huge deposit upon which we sit would be optimized to yield to the benefit of this country,” he stated.
He explained that the current model of exporting raw bauxite while importing refined alumina is economically unsustainable. “We don’t believe in always exporting bauxite, where we have to import alumina just to smelter and then also sell it back,” he added.
Highlighting the value gap, he noted: “A ton of bauxite sells for almost about $45, but a refined aluminum final product sells for over $4,500… you can look at the difference.”
Mr. Nokoe disclosed that discussions with a Chinese firm are progressing, with both sides exploring a potential partnership to revive and scale up operations.
“We’re trying to see how we can have partners to retrofit our machinery, expand our production, and ensure that basically we optimize the raw materials upon which we sit,” he said.
He added that demand for aluminium products remains strong, positioning VALCO favourably once production is enhanced. “The offtake of the final product of VALCO is a hotcake, because aluminum is a metal that is used in everything, even in renewables,” he noted.
Following site visits by the potential investors, Mr. Nokoe described the engagement as positive and expressed optimism about a possible agreement.
“It’s a positive one… and we believe that next time that we meet, it would be about a signing of an MOU to ensure that we partner to… get VALCO back to life,” he said.
He further indicated that while some conditions remain to be met, both parties are keen to move forward, with expectations that discussions could advance in the coming months.
