ICU REJECTS ANY SALE OF VALCO, CALLS ASSET A VITAL NATIONAL INTEREST
Union warns privatisation would threaten jobs and Ghana’s long-term economic goals
The Industrial and Commercial Workers’ Union (ICU), Ghana, has declared its firm opposition to any plans to privatise the Volta Aluminium Company Limited (VALCO), calling the state-owned smelter one of the country’s most strategic national assets.
In a statement dated January 14 and signed by General Secretary Morgan Ayawine, the Union said VALCO remains a key pillar in Ghana’s industrialisation efforts and must be retained under full government ownership. “VALCO is one of Ghana’s most prized and prestigious national assets, with a proud history dating back to the Kaiser era,” the statement read.
The ICU attributed current operational challenges to insufficient investment and argued that similar obstacles have been overcome in the past. It cited recent efforts by Management to stabilise operations and expand capacity under the Ghana Integrated Aluminium Development Corporation (GIADEC), stating that “Management has demonstrated resilience and commitment.”
The Union expressed alarm over what it described as “persistent machinations” by influential individuals attempting to push through a sale of VALCO to private investors. “Whose interest are they serving? Where lies their patriotism?” the statement asked, while alleging that some officials within GIADEC and VALCO were actively working to facilitate the company’s disposal for personal gain.
ICU-Ghana warned that selling VALCO could deepen Ghana’s unemployment crisis. “Selling VALCO would inevitably result in job losses and further worsen the unemployment crisis,” it said. Instead, the Union urged government to resource the company adequately to secure existing jobs and generate new employment opportunities.
The statement also condemned alleged plans to sell off parts of VALCO’s land holdings to private individuals, calling the move “unconscionable” and a “grave betrayal of public trust.” It maintained that the lands were intended for the company’s future expansion and must remain in public hands.
Referencing its previous opposition to the proposed sale of the National Investment Bank (NIB), the ICU said public resistance led to a successful recapitalisation of the bank. “Today, NIB stands as one of the most successful investment banks in the country. This serves as a clear lesson,” the Union stated.
It further called on the government to learn from its own decision to retain the Electricity Company of Ghana (ECG) in public hands, urging similar caution with VALCO. “National assets must be preserved, strengthened, and developed to serve the collective interest of Ghanaians,” the ICU said.
“VALCO’s challenges are not insurmountable. What is required is collective commitment, investment, and support not the handover of this strategic asset to private interests,” the statement concluded.
Source:NKONKONSA.com
