The Professional and Management Staff Union (PMSU) of the Volta Aluminium Company (VALCO) has stated that the company requires more than $700 million in investment to be fully restored, rejecting claims that a $60 million intervention would be enough to return the plant to efficient operations.
The union, which represents Assistant Managers, Managers, and Area Managers at VALCO, said its assessment is based on direct technical knowledge of the company’s assets and the current state of its facilities.
In a statement issued on Monday, July 27, PMSU said the difference between the $60 million estimate and the actual funding required is not a minor disagreement but a major gap that could determine the future sustainability of the state-owned aluminium producer.
“Our assessment, grounded in direct working knowledge of the asset base, is that the requirement is of the order of $700 million or more. That is not a marginal difference of opinion. It is a difference of more than a factor of ten, and it goes to the heart of what is being asked of Government and of the Ghanaian taxpayer,” the statement said.
The statement comes amid growing debate over the future of VALCO following a demonstration by the Industrial and Commercial Workers’ Union (ICU)-Ghana against the government’s search for a strategic investor for the company.
ICU-Ghana has petitioned President John Dramani Mahama to halt any proposed sale of VALCO, arguing that the company, which remains a strategic state asset, should continue under Ghanaian ownership.
However, the PMSU has distanced itself from the protest, insisting that the demonstration does not represent the views of VALCO’s professional and management staff.
The union said it was not consulted, informed, or involved in the planning of the protest and stressed that no management forum or communication preceded the action.
The PMSU maintained that VALCO needs a strategic investor to inject the capital required to rebuild its facilities, restore production capacity, and secure reliable power and raw material supply arrangements.
It explained that the search for a strategic investor has been ongoing for more than five years, during which the condition of the plant has continued to deteriorate.
“VALCO needs a strategic investor,” the union stated, adding that the company cannot generate the level of funding required for its revival internally.
The professional staff union also rejected the suggestion that the company’s challenges can be addressed through a limited rehabilitation programme.
It argued that several parts of the plant are obsolete and have gone beyond normal maintenance requirements, making replacement and reconstruction necessary.
“Restoring VALCO to efficient, competitive operation is not a repair exercise. It is a rebuild,” the union said.
The PMSU warned that committing $60 million to the company without addressing its deeper infrastructure challenges would only provide temporary relief and could lead to further deterioration.
It said such an approach would risk using public funds on a short-term solution while leaving VALCO unable to compete in the long term.
