Mr Samuel Jinapor (middle) flanked by officials of VALCO and GIADEC
SAMUEL A. Jinapor, Minister for Lands and Natural Resources, has indicated that his ministry will, in the coming weeks, present the ‘VALCO Masterplan’ to Cabinet for consideration.
He said when given the approval, this will help to resuscitate the operationalisation of Volta Aluminum Company Limited (VALCO) through the Ghana Integrated Aluminum Development Corporation’s (GIADEC) Integrated Aluminum Industry (IAI) Project 4, which aims to retrofit, modernise and ensure the expansion of the VALCO smelter to improve efficiency and capacity.
The Minister disclosed this when he visited VALCO recently.
He said as part of efforts towards building a robust and effective aluminum industry in Ghana, Project 4, when implemented, would increase VALCO’s production capacity from 200,000 to 300,000 tonnes of aluminum annually and create employment opportunities for more than 600 people.
He said that the development and creation of an aluminum industry was one of the major pillars to transform the Ghanaian economy.
“We have moved from the vision of the government making Ghana an integrated aluminum industry into practicalising the goals set out and once we get cabinet approval, we will implement the ‘Master Plan’ to attract the needed investment.”
According to him, the Akufo-Addo-led administration is determined to revamp VALCO to help drive Ghana’s industrialisation agenda.
He explained that equipment which have been in use since the early 1960s will be upgraded.
He also reiterated the vision of President Akufo-Addo in establishing GIADEC and the current development the entity is undertaking, saying, “GIADEC is on course in giving VALCO a leaf of life.”
The visit also afforded him an opportunity to interact with the board and management of the facility and to reassure them of the government’s commitment to assist VALCO to bounce back and operate at optimum.
CEO of GIADEC, Micheal Ansah, pointed out that his outfit was working closely with VALCO to ensure the realisation and execution of Project 4 of the integrated aluminum industry, adding that GIADEC has the mandate to develop and promote an integrated aluminum company in Ghana.
He further explained that GIADEC would require $6 billion to successfully execute the 4 key projects under the Integrated Aluminum Industry (IAI).
CEO of VALCO, Dan Acheampong, giving an overview of the company’s operations, said VALCO is the largest smelter in West Africa and the fourth in Sub Sahara Africa.
He, however, expressed the hope that with the right investment and the needed capital injection, the entity will take its rightful place in the aluminum industry.
VALCO, a wholly owned Ghanaian asset, remains a strategic and major corner stone of the IAI in Ghana.
BY Vincent Kubi