Morgan Ayawine
The Industrial and Commercial Workers’ Union (ICU), Ghana, has appealed to President John Dramani Mahama to urgently recapitalise and revive distressed state-owned enterprises, saying the move is critical to creating sustainable jobs for the country’s unemployed youth.
The appeal was contained in a resolution adopted at the Union’s 65th Regular National Executive Council meeting held on July 31, 2026.
The resolution was signed by the ICU General Secretary, Morgan Ayawine, and the National Chairman, Noble Al-Hajj Nuru-Deen Al-Hassan.
In the petition presented to the President, the ICU expressed concern over the “persistent lack of sustainable employment opportunities” for thousands of graduates from universities, tertiary institutions and skills training centres who have remained unemployed for between five and ten years.
The Union noted that several state-owned enterprises with significant productive potential have become moribund but could be revived through targeted investment and policy support to generate thousands of jobs and stimulate industrial growth.
Top of the ICU’s list is the Volta Aluminium Company Limited (VALCO). The Council revisited the government’s intention to offload a 70 percent equity stake in the company to a private investor. The ICU said it had earlier led a peaceful demonstration and presented a petition to the President urging him to halt the sale.
“Knowing Your Excellency as a listening President who places premium value on the indigenisation and strategic ownership of key national assets, we respectfully urge you to give favourable consideration to our appeal and ensure that VALCO retains its proud status as a strategic national asset,” the resolution stated.
On PBC PLC, the Union commended the President for responding to its earlier appeal and initiating steps through the Minister for Labour, Jobs and Employment to revitalise the company. The ICU expressed hope that measures to restore PBC to full operational capacity would be expedited.
The Council also drew attention to four other enterprises it said require “urgent recapitalisation and operational support.”
These are Aluworks Limited, whose workers have been at home since June 2022; Neoplan Ghana Limited, whose plant remains idle while the government imports buses; Akosombo Industrial Company Limited, once a leading textile manufacturer but now in decline; and Volta Star Textiles Limited, which formerly produced grey baft for local manufacturers.
The ICU argued that reviving the companies would reduce import dependence, conserve foreign exchange, restore industrial production and create meaningful employment.
“We firmly believe that Your Excellency, as a listening President committed to resetting the Ghanaan economy, will not allow these strategic national assets to deteriorate further while thousands of capable Ghanaian youth remain unemployed,” the Union said.
A Business Desk Report