ICU-Ghana demands halt to VALCO equity negotiations

The Industrial and Commercial Workers' Union (ICU-Ghana) is demanding an immediate halt to government negotiations regarding a proposed equity transfer in the Volta Aluminium Company Limited (VALCO). The union is calling for a suspension of talks until the government provides full disclosure regarding the terms and ownership structure of the deal with an unnamed strategic investor.

While the Ministry of Lands and Natural Resources has inaugurated a negotiating team to finalize terms for the retooling and expansion of the smelter, the ICU-Ghana argues the deal constitutes stealth privatisation. Although Lands and Natural Resources Minister Emmanuel Armah-Kofi Buah has stated the transaction is not 'outright privatisation', the union claims information suggests a transfer of a 70 percent equity stake. ICU-Ghana General Secretary Morgan Ayawine stated that transferring such a controlling interest would effectively shift ownership and operational control to a private party, regardless of the terminology used to describe the investment.