The government will require an estimated US$2.3 billion to modernise and revamp operations at the Volta Aluminium Company (VALCO), the Minister of Lands and Natural Resources, Emmanuel Armah-Kofi Buah, has disclosed.
He stated that the government, in collaboration with VALCO’s management, is exploring local initiatives and investor partnerships to raise the necessary funds to enhance the company’s efficiency and competitiveness on the global market.
Mr Armah-Kofi Buah made the disclosure during a working visit to VALCO in Tema on Tuesday, accompanied by the CEO of the Ghana Integrated Aluminium Development Corporation (GIADEC), Mr Reindorf Twumasi Ankrah.
He explained that VALCO is currently operating at only 23 per cent capacity, a situation that has hindered productivity and profitability. The limited number of operational ports has also made energy use highly inefficient, with only two out of five ports functioning.
“VALCO currently has five ports, but barely two are functioning, which greatly affects productivity. That is why we are committed to supporting the company with the use of natural gas to improve efficiency and reduce energy costs,” he said.
The Minister described VALCO as a company with immense potential to transform Ghana’s economy through value addition, job creation, and industrial growth. He emphasised that the government, through GIADEC, is determined to turn this potential into tangible results.
“Our task as a ministry, working with GIADEC and VALCO, is to add value and create the quantum leap in industries and jobs that have eluded us for so long,” he stated.
He further indicated that the government’s plan to expand operations could create over 5,000 direct and 25,000 indirect jobs once fully implemented.
“We have many proposals on the table, and we are moving beyond talk shops. Even in its current state, VALCO employs over 800 workers, showing how much more we can achieve when it runs at full capacity,” he added.
The Minister reaffirmed the government’s commitment to making VALCO a central player in Ghana’s industrial transformation agenda, stressing:
“The dream of making VALCO the lifeline of job creation and value addition is still alive. We just have to believe in it and work hard towards it.”
By Cliff Ekuful
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