Ghana eyes revenue growth, job creation in ambitious aluminium industry revival

GHANA – The Government of Ghana has started an ambitious project of reviving the country’s aluminium industry in order to rake in revenues projected to be in excess of US$10billion and to create jobs for the country’s unemployed youth.

To achieve its goal, the government through the Ministry of Lands and Natural Resources reconstituted the governing board of Volta Aluminium Company Limited (VALCO) to provide new leadership that steer the industry forward.

The country also saw the management of the Ghana Integrated Aluminum Development Corporation (GIADEC), partner with Volta Aluminum Company Limited (VALCO) in reinvigorating the poorly performing sector.

Through the partnership, GIADEC has deployed a Recovery Plan of retrofitting the VALCO refinery plant to produce at its full capacity of 300,000 tonnes of aluminium per annum.

GIADEC is also expected to establish three new bauxite mines, and at least two refineries in addition to the existing smelter.

Upon successful implementation of the recovery plan, the aluminium industry is expected to generate 35,000 direct and indirect jobs as well as create a vibrant downstream sector.

Earlier this month, Mr Kweku Asomah-Cheremeh, the Minister of Lands and Natural Resources, oversaw the swearing-in of the reconstituted Governing Board of VALCO in Accra.

During the swearing-in, Mr. Cheremeh said the aluminum industry was a strategic sector contributing significantly to the manufacturing sector of many key economies globally.

The minister further revealed that VALCO’s mandate would be leveraging on the country’s existing bauxite reserves and allied aluminium assets to achieve full commercial exploitation.

This he said would be achieved through refining bauxite into Alumina and smelting it into Aluminum as well as encouraging the development of further downstream industries towards accelerating industrial transformation.

Mr Asomah-Cheremeh explained that establishing an Integrated Aluminum industry was an opportune and continuous effort by the government to strengthening the capacity of the Aluminum Industry supply chain.

He said that the integration of the industry could be achieved through partnerships with strategic investors both locally and internationally.

Dr Henry Benyah, the Board Chairman of VALCO, in his acceptance remarks pledged to work closely with all the stakeholders to achieve the vision and mission of VALCO towards accelerating industrial transformation.

Mr Michael Ansah, the Chief Executive Officer (CEO) of GIADEC assured that GIADEC would work closely with all the relevant stakeholders in securing a strategic investor, to source requisite funding for rejuvenating VALCO’s operations.

Ansah also revealed that VALCO would be listed on the London Stock Exchange to attract the necessary investors, and subsequent financial inflows to revamp its operations.

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