GIADEC CEO Rebuts VALCO Union’s Privatisation Claims, Insists Investor Partnership is Nationwide Passion Coverage

Introduction

A significant public dispute has erupted within Ghana’s critical aluminium sector, pitting the leadership of the Ghana Integrated Aluminium Development Corporation (GIADEC) against the workers’ union of the Volta Aluminium Company Limited (VALCO). The conflict centers on the future ownership and operational model of VALCO, Ghana’s sole primary aluminium smelter. At the heart of the matter are starkly contrasting narratives: the VALCO Workers Union alleges a secretive, rushed privatization plot that threatens jobs, while GIADEC’s Chief Executive Officer, Reindorf Twumasi Ankrah, categorically denies these claims. He asserts that the plan to bring in a strategic equity partner is a long-standing, government-mandated national strategy to rescue a chronically loss-making enterprise, modernize its operations, and secure its workforce for the long term. This article provides a comprehensive, fact-based examination of the controversy, dissecting the key allegations and rebuttals, providing essential background on the entities involved, analyzing the underlying economic and governance issues, and offering practical guidance for all stakeholders navigating this high-stakes situation for Ghana’s industrial future.

Key Points of Contention

The Union’s Core Allegations

The VALCO Workers Union, led by Local Union Chairman Samuel Watchman Agyeman, launched a two-pronged attack in early February 2026. Following a protest on February 9, 2026, they issued a formal statement on February 10, 2026, making several serious accusations:

• Demand for CEO’s Resignation: The union directly called for the immediate dismissal of GIADEC CEO Reindorf Twumasi Ankrah, citing a total loss of confidence in his leadership and business acumen.
• Accusations of Mismanagement & Misrepresentation: They alleged that Mr. Ankrah has mismanaged the VALCO portfolio and deliberately misrepresented the company’s true financial position to the public and government.
• Claim of a “Secret” and “Rushed” Privatization: The central charge is that GIADEC is attempting to “secretly sell” VALCO through an aggressive and opaque privatization timeline, bypassing proper stakeholder consultation, particularly with employees.
• Petition to the President: The union chairman formally petitioned President John Dramani Mahama to intervene and remove the GIADEC CEO, framing the issue as one of protecting national assets from shady deals.

GIADEC CEO’s Formal Rebuttal

In a robust defense, Mr. Ankrah dismissed every union allegation as “false, misleading, and unsupported by facts.” His response, grounded in specific data and policy, addressed each point systematically:

• Policy Continuity, Not Privatization: He clarified that the initiative to bring in a private partner is not a new or secret scheme but the continuation of a state policy inherited by the current administration, designed explicitly to prevent a total plant shutdown.
• Objective: Retrofit and Safeguard Jobs: The stated goal is to secure capital and technical expertise for a major plant retrofit and expansion, which he argues is the only viable path to safeguarding and eventually increasing employment.
• Board Tenure and Financial Reality: He noted that the current VALCO Board only assumed office on December 22, 2025, making it impossible for any “new management” to have achieved dramatic operational or financial turnarounds within the three months prior to the union’s protest. He attributed any positive developments to prior efforts.
• Documented Financial Losses: As irrefutable evidence of VALCO’s deep-seated problems, he cited