The Ghana Integrated Aluminium Development Corporation (GIADEC) has secured strategic investors for the modernisation of the Volta Aluminium Company (VALCO) and the construction of an alumina refinery.
Back in November 2025, an investor selection committee was inaugurated by Lands and Natural Resources Minister Emmanuel Armah-Kofi Buah, and on Tuesday, January 6, 2026, it [Committee] submitted its options analysis report to the minister after evaluating proposals received by GIADEC.
Receiving the report in Accra, Emmanuel Buah expressed appreciation to the 12-member committee for its work, saying he had “no doubt” the team had delivered a thorough and credible assessment.
He described the alumina refinery and VALCO modernisation as cornerstone projects of Ghana’s industrialisation agenda, aimed at shifting the country from a raw bauxite-exporting economy to one that adds value locally.
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“These two projects are interdependent and mutually reinforcing. The refinery will feed the smelter, the smelter will anchor downstream aluminium manufacturing, and together they will drive the growth of industrial clusters supported by logistics, power, rail, and port infrastructure,” the minister explained.
Buah also expressed optimism that the selected investors would bring the necessary capital, expertise, and technology to transform the sector.
He added that the construction of an alumina refinery was critical to developing a fully Integrated Aluminium Industry (IAI) and welcomed the growing interest of global firms in partnering with Ghana.
Touching on VALCO’s modernisation, the sector minister urged the chosen investor to begin work in 2026 and ramp up production from 40,000 to at least 200,000 tonnes annually by the end of 2028.
“Securing an equity investor is pivotal for both VALCO’s survival and the growth of the industry,” he said.
He added that a fully operational VALCO would create at least 6,000 direct jobs for Ghanaian youth, making its revival a national priority.
The committee, represented by its co-chairpersons Augustus Amegashie and Professor George Armah, thanked the minister for the opportunity to serve and commended members drawn from VALCO, GIADEC, and the Ministries of Finance, Trade, Energy, and Lands and Natural Resources.
They explained that the evaluation followed a rigorous two-stage process, including qualitative assessments using decision matrices and SWOT analysis, followed by in-person interviews and enhanced due diligence.
“Our evaluation focused on five pillars; financial capacity, technical competence, sustainable power solutions, environmental and social stewardship, and robust governance structures to protect shareholder interests,” they said.
The committee noted that their work builds on previous government efforts to address longstanding structural challenges in Ghana’s aluminium sector, particularly at VALCO, which became fully state-owned in 2022.
They however warned that without immediate strategic intervention and modernisation, the company risks “accelerated and terminal decline.”
Meanwhile, a copy of the report has been forwarded to the GIADEC Board for further action in line with its mandate and governing laws.
GIADEC Chief Executive Officer Reindorf Twumasi Ankrah reaffirmed the corporation’s commitment to building a globally competitive aluminium industry for Ghana.
“Our goal is to establish a fully functional aluminium industry that serves the country, creates thousands of jobs, and positions Ghana as a major player in the global integrated aluminium business,” he said.
He stressed the need for collective effort to ensure that President John Dramani Mahama’s reset agenda is fully realised within the aluminium sector.
Board members of GIADEC were present at the event.
