ICU opposes VALCO sale, calls for govt investment

The Industrial and Commercial Workers Union (ICU) has entreated the government to, as a matter of urgency, invest in the Volta Aluminium Company Limited (VALCO) and retain it as a national asset for the benefit of present and future generations.

It said VALCO’s challenges were not insurmountable and that what was required was collective commitment, investment and support for the current board and management—not a reckless push to hand over this strategic asset to private interests.

“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, one of the nation’s most strategic and irreplaceable assets.

“We, therefore, demand that all those orchestrating the sale of VALCO immediately reconsider their actions and allow the company to remain the bona fide property of the people of Ghana.

Posterity will not forgive those who mortgage the nation’s future for short-term or personal interests,” the ICU said in a statement signed by its General Secretary, Morgan Ayawine.

Challenges

VALCO, it said, was one of the country’s most strategic state-owned enterprises, with a proud history dating back to the Kaiser era, and over the years, it had undergone several reforms and was currently wholly-owned by the Government of Ghana, serving as a critical pillar of the national economy.

Like any large industrial organisation, it said VALCO had faced operational challenges at various stages of its existence.

However, it said those challenges had always proven surmountable, with the company rebounding strongly and maintaining its status as one of Ghana’s most prized and prestigious national assets.

“The current challenges confronting VALCO are not fundamentally different from those experienced in the past, and workable solutions can certainly be found, just as they were previously.

“Indeed, management has demonstrated resilience and commitment by taking decisive steps to overcome existing difficulties and expand VALCO’s capacity to process bauxite into value-added products under the Ghana Integrated Aluminium Development Corporation (GIADEC) Project,” it said.

ICU-Ghana, it said, therefore, found it difficult to understand the persistent machinations by certain prominent Ghanaian personalities to push for the sale of VALCO to a private investor—an investor whose primary interest might not be the welfare of Ghana, but personal gain to the detriment of the Republic.

“ICU-Ghana is deeply disappointed by the aggressive scheming by some highly placed individuals within GIADEC and VALCO to put this strategic national asset up for sale. The fundamental question is: Whose interests are they serving? Where lies their patriotism?

“Those engaged in such parochial manoeuvres must bow their heads in shame, desist from these nefarious activities, and allow the current Board and Management the space to continue formulating and implementing policies—already underway—to place VALCO firmly on a path of progress and sustainability,” it emphasised.

It said when ICU-Ghana opposed the sale of the National Investment Bank (NIB) and instead advocated its recapitalisation, the government heeded that call.

“Today, NIB stands as one of the most successful investment banks in the country.

This serves as a clear lesson.

“Similarly, ICU-Ghana has consistently cautioned the government against the privatisation of the Electricity Company of Ghana (ECG). In the same vein, we strongly urge the government to desist from any contemplated sale of VALCO to private interests,” it said.

National assets, it said, must be preserved, strengthened and developed to serve the collective interest of Ghanaians, regardless of cost and must not be disposed of for transient or personal gains.

It stressed that at a time when the nation was grappling with serious unemployment, it said selling VALCO would inevitably result in job losses and further worsen the unemployment crisis.

The ICU further said the proposed sale of portions of VALCO’s lands to private individuals was unconscionable and amounted to a grave betrayal of public trust.

Those lands, it said, were held in trust for the people of Ghana for future expansion and development of VALCO’s operations.