Businessman Ibrahim Mahama has denied claims that he is seeking to acquire the Volta Aluminium Company (VALCO), describing the allegation as false and announcing plans to pursue legal action.

The denial follows a demonstration by the VALCO Labour Union, which protested what it described as plans to transfer a 70 percent stake in the state-owned aluminium smelter to a private investor.

During the protest, some demonstrators alleged that Mahama was interested in taking over the company.

In a statement issued by his Special Aide, Rafik Mahama, Ibrahim Mahama said he had “no such interest” in VALCO and had not submitted any offer to acquire the company.

“Mr Ibrahim Mahama has no such interest and has not made any such offer to acquire VALCO,” the statement said.

It described the allegation as the latest in a series of attempts to tarnish the businessman’s reputation and questioned the basis for linking him to the proposed transaction.

The statement highlighted what it described as the strong performance of businesses associated with Mahama, saying they were established or acquired lawfully and have continued to operate successfully across seven election cycles.

It added that Mahama remains committed to contributing to Ghana’s economic development through legitimate business investments both within the country and abroad.

The businessman has instructed his lawyers to commence legal proceedings over the allegations, according to the statement.

The denial comes after the VALCO Labour Union appealed to President John Dramani Mahama to halt what it claims is a proposed sale of a 70 percent stake in the company, warning that the move could threaten jobs, weaken Ghana’s integrated aluminium industry and erode state control of a strategic national asset.

The union had alleged that the Ghana Integrated Aluminium Development Corporation (GIADEC) intended to transfer the stake to Arch Holdings Consortium.