The Industrial and Commercial Workers’ Union (ICU) in Ghana has kicked strongly against any move to sell the Volta Aluminium Company Limited (VALCO), warning that such a decision would amount to sacrificing a strategic national asset for private gain.
In a press release dated January 14, 2026, and signed by its General Secretary, Morgan Ayawine, the union described VALCO as one of Ghana’s most prized state-owned enterprises, insisting that its challenges are not insurmountable and should not be used as justification for privatisation.
“For the avoidance of doubt, ICU-Ghana, as a key and indispensable stakeholder, is vehemently opposed to any sale, concession, or arrangement that would deprive Ghana of sole ownership of VALCO,” the statement said.
The union accused some unnamed, highly placed individuals within the Ghana Integrated Aluminium Development Corporation (GIADEC) and VALCO of scheming to sell the company to a private investor, questioning their motives and patriotism.
“The fundamental question is: Whose interest are they serving? Where lies their patriotism?” the union asked.
According to ICU-Ghana, VALCO has faced challenges before and successfully rebounded each time, maintaining its position as a critical pillar of the national economy. It cited recent efforts by management to expand the company’s capacity under the GIADEC project, including plans to process bauxite into value-added products, as evidence that the company remains viable.
The union also referenced a January 8, 2026, publication in the Ghanaian Times, which highlighted steps being taken by VALCO’s management to stabilise and grow the company.
Beyond concerns about ownership, ICU-Ghana warned that selling VALCO would worsen Ghana’s already troubling unemployment situation.
“At a time when the nation is grappling with serious unemployment, selling VALCO would inevitably result in job losses,” the statement said, adding that adequately resourcing the company could instead preserve existing jobs and create new ones.
The union further condemned reports of plans to sell portions of VALCO’s lands to private individuals, describing the move as “unconscionable” and a “grave betrayal of public trust.” It argued that the lands are held in trust for future expansion and must not be transferred.
Drawing parallels with previous government decisions, ICU-Ghana recalled its opposition to the sale of the National Investment Bank (NIB), which was instead recapitalised and has since become one of the country’s most successful investment banks. It also cited the aborted sale of four state-owned Golden Beach Hotels after resistance from organised labour.
The union urged the government to learn from these examples and resist any pressure to privatise VALCO.
“National assets must be preserved, strengthened, and developed to serve the collective interest of Ghanaians,” ICU-Ghana said, stressing that the government should invest in VALCO and retain it as a strategic national asset for present and future generations.
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