The Minority Caucus in Parliament has launched a blistering attack on the government over what it describes as a secretive plan to alter the ownership structure of the Volta Aluminium Company Limited (VALCO), warning that Ghana’s strategic national asset must not become the latest victim of political interference and state capture.

Throwing its full support behind workers of VALCO who recently staged a demonstration, the Minority said the protest should not be dismissed as mere labour agitation, insisting the workers are raising legitimate concerns about the future of one of the most important industrial assets.

In a strongly-worded statement signed by the Ranking Member on Parliament’s Select Committee on Lands and Natural Resources, Kwaku Ampratwum-Sarpong, the Minority argued that the workers understand the operations, finances and long-term prospects of the aluminium company better than anyone else and therefore deserve to be heard.

“Their demonstration must not be trivialized. These are not politicians. These are not propagandists. These are the men and women who keep VALCO running every single day. They know the company. They understand its operations. They understand its future,” the statement said.

According to the Minority, the central issue is the government’s decision to pursue what it calls a “strategic equity capitalization process” without providing clear information to Parliament or the Ghanaian public.

The caucus questioned the true meaning of the policy, asking whether it amounts to the sale of part of VALCO, a transfer of ownership, surrender of management control or privatization under a different name.

It argued that the government’s continued reliance on technical corporate language has only heightened public suspicion.

“If Government is convinced that this process serves Ghana’s interest, then it should have no difficulty placing every detail before Parliament and the Ghanaian people,” the statement noted.

Questions Over VALCO’s Profitability

The Minority also questioned the timing of the proposed restructuring, pointing to recent public announcements by the Chairman of the VALCO Board that the company had recorded a US$3.19 million profit during the first half of 2026, describing it as a remarkable financial turnaround.

According to the caucus, if VALCO has indeed returned to profitability after years of financial challenges, government must explain why it now considers it necessary to embark on what it calls a strategic equity capitalization exercise.

“What exactly has changed? What do the books say? What does the balance sheet reveal?” the Minority asked.

It maintained that government cannot celebrate the company’s return to profit and shortly afterwards pursue ownership restructuring without providing convincing economic justification.

Allegations Of State Capture

The Minority further expressed concern over what it described as a growing concentration of influence within institutions responsible for the integrated aluminium industry.

Without naming any individual, the caucus alleged that several institutions involved in policy formulation, regulation, approvals and the management of strategic state assets are increasingly being populated by persons with previous professional relationships linked to the same business interests.

According to the Minority, such circumstances create conditions that could undermine public confidence in decisions affecting strategic national assets.

The statement argued that the burden lies on the government to demonstrate that every decision regarding VALCO is free from undue influence, favouritism or predetermined outcomes.

‘VALCO Belongs To Ghanaians’

The Minority declared that VALCO is too important to the industrialisation agenda to have its future determined behind closed doors.

Describing the company as central to the integrated aluminium industry, the caucus insisted that its ownership structure cannot be altered without full public disclosure and parliamentary scrutiny.

The statement further claimed that after the loss of Black Volta and Damang, there are fears that VALCO could become another strategic national asset to slip from public control. It asserted that VALCO should not become “another political trophy” or be quietly repositioned without the knowledge of Ghanaians.

Minority’s Demands

The Minority is demanding the immediate publication of:

The complete framework governing the proposed strategic equity capitalization process.

VALCO’s latest audited financial statements, including its balance sheet, income statement and cash flow position.

An independent valuation of the company.

The proposed equity structure.

The identities of all prospective strategic investors.

The criteria used in selecting any strategic investor.

Every Cabinet, Board and ministerial approval underpinning the process.

According to the caucus, Ghanaians deserve full disclosure rather than what it described as vague terminology.

Vows Parliamentary Resistance

The Minority has pledged to resist any attempt to restructure or alter the ownership of VALCO without transparency, stating that it will employ every constitutional, legal and parliamentary mechanism available to protect the company.

The caucus accused government of risking the return of what it termed the “Create, Loot and Share” culture and warned that Parliament would closely scrutinise every decision affecting the future of the aluminium company.

VALCO remains one of the most strategic state-owned enterprises and forms a critical component of the country’s long-standing ambition to build an integrated aluminium industry using the nation’s vast bauxite resources.