Tensions are mounting at the Volta Aluminium Company (VALCO) as the Industrial and Commercial Workers’ Union (ICU)-Ghana has staged a mass protest against what it describes as a covert attempt to sell the state-owned enterprise, warning that such a move could trigger massive job losses and erode Ghana’s industrial base.
The demonstration on Monday, July 27, 2026, drew hundreds of workers and supporters to the streets of Accra, marking a significant escalation in a dispute that has simmered since the beginning of the year.
At the centre of the controversy are allegations by workers that GIADEC’s Chief Executive Officer, Reindorf Twumasi Ankrah, is quietly positioning VALCO for sale despite public assurances to the contrary. The workers have also called for his immediate removal, citing a breakdown in trust and lack of transparency.
ICU-Ghana General Secretary Morgan Ayawine addressed the crowd, delivering a passionate defence of VALCO’s place in Ghana’s industrial history and warning against what he characterised as a pattern of state asset liquidation.
“July 27, 2026, is a great day. It is a day for the determination of our destiny as patriotic citizens of this country. We are here to determine the fate of one of the premier companies that was bequeathed by Osagyefo Dr. Kwame Nkrumah to all of us,” Ayawine said.
He accused successive governments of systematically divesting state assets, arguing that VALCO must be preserved as a strategic national resource rather than sold off to private interests.
“It has been noticed that over the years, government after government has attempted to sell everything, and now they are at it again, and they want to sell VALCO. We are not here to do politics. We are not partisan politicians. We are labour unions, and our duty is to ensure that jobs are created,” he added.
Ayawine emphasised that the union’s fight is not political but fundamentally about protecting the livelihoods of workers and their families who depend on VALCO for survival.
Despite the union’s fiery rhetoric, GIADEC has stood firm on its position, insisting that there are no plans for an outright sale of VALCO.
The corporation has consistently explained that it is exploring a co-ownership arrangement with a private sector partner aimed at recapitalising the company and enhancing its operational efficiency.
GIADEC officials argue that such a partnership would bring in much-needed investment and technical expertise, ultimately strengthening VALCO’s competitiveness and securing its long-term future.
However, the ICU and workers remain deeply sceptical, pointing to what they describe as insufficient consultation and a lack of clarity around the terms of any potential deal.
The union has demanded that the government provide unequivocal, legally binding guarantees that VALCO will remain wholly state-owned and that workers’ jobs will be protected.
Monday’s demonstration has reignited a long-standing national debate over the role of the state in owning and managing commercial enterprises.
Proponents of private sector participation argue that many state-owned companies have struggled with inefficiency, undercapitalization, and declining competitiveness, making partnerships or divestitures necessary for survival.
Critics, however, contend that such moves often prioritise short-term gains over long-term national interests, leading to job losses and the erosion of Ghana’s industrial sovereignty.
As the standoff continues, the ICU has vowed to sustain its campaign, warning of further industrial action if their concerns are not addressed.
The government has yet to issue an official statement on the matter, but pressure is mounting on authorities to intervene and clarify the future of one of Ghana’s most iconic industrial assets.
