The government has begun moves to attract strategic investors to help restore the operations of the Volta Aluminium Company (VALCO), following years of financial and operational difficulties that have reduced the company’s production capacity.

The Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, said VALCO in its current state is unable to operate at its full potential and requires new investment, technology and expertise to regain its position as a key driver of Ghana’s industrialisation agenda.

Buah disclosed this after engaging the management and staff of VALCO on Cabinet’s decision to modernise and revitalise the company.

He said the company’s aluminium smelter is currently operating far below its installed capacity, with only about 90 out of 500 reduction cells in operation.

According to the minister, government is therefore inviting investors with the capacity to provide the needed capital and technical support to rebuild the company.

He stressed that discussions with potential partners are ongoing and no investor has been selected yet.

Buah also rejected suggestions that the move was aimed at selling VALCO, insisting that the government’s objective is to restore the company as a viable national asset.

“The objective is simply to revive VALCO, not to sell it,” he said.

He added that a stronger VALCO would contribute to job creation, increase local value addition to Ghana’s mineral resources, strengthen manufacturing and improve the competitiveness of the country’s industrial sector.

VALCO has historically played a central role in Ghana’s aluminium industry but has faced operational challenges affecting its ability to operate at full capacity.