Leaked Document Exposes NDC Gov't Agreement--To Sell VALCO  To Unqualified Private Investor Following Cabinet Approval (Part One)

A leaked document from the government-appointed negotiation team on the strategic equity capitalization of the Volta Aluminium Company (VALCO) has exposed contradictions in the public claims made by the Minister for Lands and Natural Resources, Hon. Emmanuel Armah-Kofi Buah.

A couple of months ago, the sector minister publicly stated that the government had no intention of selling VALCO and that no investor had been identified yet.

However, records show they are negotiating the transfer of VALCO to the Arch Holdings Consortium—a consortium whose technical expert, Press Metal Aluminium of Malaysia, has already withdrawn from the deal, revealing numerous irregularities.

The draft term sheet was proposed by the negotiation team of the Ministry of Lands and Natural Resources (MLNR), which acted on behalf of the Government of Ghana (GoG) and the Ghana Integrated Aluminium Development Corporation (GIADEC) in discussions with the Arch Consortium (the "Investor.")

The proposed transaction involves the Investor acquiring up to 70% of the equity in the Volta Aluminium Company Limited (VALCO). This follows a Memorandum of Understanding (MoU) dated August 12, 2026, and Cabinet approval granted on June 24, 2026.

A document obtained by the Africa TODAY NEWS newspaper states categorically that the government agreed and is pushing to sell the strategic national asset to a private investor.

Even though Arch Holdings is not in good standing with the Registrar General's Department and lacks the technical and financial capability to run VALCO, GIADEC and the Ministry of Lands and Natural Resources remain bent on handing VALCO over to the company under the guise of an equity investor search.

Although the Minister for Lands and Natural Resources has denied that the government has any intention to sell the VALCO assets, the document reads, "Parties: The seller is the Ghana Integrated Aluminium Development Corporation (GIADEC), which is the 100% shareholder of VALCO."

The document further explains in detail that the parties to this transaction are the Ghana Integrated Aluminium Development Corporation (GIADEC)—the 100% shareholder and true legal seller of the Volta Aluminium Company Limited (VALCO)—on one side, and Arch Holdings Limited, representing the Arch Consortium (or a designated Special Purpose Vehicle/SPV set up for this transaction), on the other side. Together, these entities are referred to as the Buyer or investor "Parties."

The leaked information has exposed the sector minister's deception statements to the VALCO workers and the nation that VALCO is not for sale but confirming that transferring control of VALCO to a private investor in the name of a strategic equity capitalization of the Volta Aluminium Company Limited (VALCO), but rather a complete sell-off of the company.

Industry players and activists questioned why a major company like VALCO was being sold so cheaply and fraudulently to Arch Holdings Limited if the investor lacked financial and technical capacity.

They noted that VALCO owns hospitals, clubhouses, executive houses, apartments, and critical shipping docks or ports that should be carefully protected.

They asked whose interests were being served, especially since GIADEC's evaluation overlooked clear and obvious errors during the sale process.

According to credible reports, the Cabinet approved the sale of VALCO, though two senior government officials opposed it, allegedly leading to the removal of one sector minister.

Meetings between the Government of Ghana Negotiation Team and the Arch Consortium revealed that Arch Holdings Limited could neither provide the required strategic private capital nor present technical partners for the VALCO assets and equity.

During the first three meetings at the Kenpinski Hotel in Accra, Arch Holdings Limited consistently failed to meet these takeover requirements.

This situation suggests that pushing the government to hand over VALCO to a private investor benefits the company's financial backers rather than the nation.

Many Ghanaians, including workers and the Industrial and Commercial Workers' Union (ICU) of Ghana, have stated that VALCO is doing well and that the company has already invested heavily in its operations. 

Below is excerpts of the Draft Sheet. In due times, we shall bring all details to light. 

The GOVERNMENT OF GHANA MINISTRY OF LANDS AND NATURAL RESOURCES (MLNR) NEGOTIATION TEAM PROPOSED STRATEGIC EQUITY CAPITALISATION OF VOLTA ALUMINIUM COMPANY LIMITED (VALCO)

This Draft Term Sheet (“Term Sheet”) is proposed by the Ministry of Lands and Natural Resources’ (“MLNR”) Negotiation Team, acting on behalf of the Government of Ghana (“GoG” or the “Government”)/ Ghana Integrated Aluminium Development Corporation (“GIADEC”),, for negotiation with Arch Consortium (“Arch Consortium” or the “Investor”) in respect of the proposed acquisition of up to 70% of the equity of Volta Aluminium Company Limited (“VALCO” or the “Company”) or the “Target”) by the Investor (the “Transaction”), following the Memorandum of Understanding dated 12th August 2026 and the Cabinet approval of 24th June 2026.

This Term Sheet is intended to form the basis for good-faith negotiation between the parties; a final document may be adopted by mutual consent of the Parties.

No. Heading Proposed Term

1 Parties Seller: True legal seller to be identified as GIADEC) being the 100% shareholder of VALCO. 

Investor: Arch Holdings Limited on behalf of the Arch Consortium, or a Special Purpose Vehicle (“SPV”) set up by the Arch Consortium, and/or the legal identity of the party designated for the purposes of this Transaction. 

Company in consideration: The true legal identity of VALCO.

The Transaction to be executed between GHANA INTEGRATED ALUMINIUM DEVELOPMENT CORPORATION (“GIADEC”) and [VOLTA ALUMINIUM COMPANY LIMITED [VALCO] on one part, AND ARCH CONSORTIUM (“ARCH CONSORTIUM”), represented by ARCH HOLDINGS LIMITED (“ARCH HOLDINGS”), on the other part (together referred to as “the Parties”)

2 Transaction Overview The Investor to acquire a maximum of 70% of the issued shares of VALCO (“Sale Shares”) from GIADEC at a consideration to be agreed following due diligence and valuation of VALCO, and to provide debt financing to retrofit and modernise the VALCO Smelter under terms and conditions to be agreed between the Parties and such other consideration as set out in this Term Sheet. GIADEC will retain not less than 30% of VALCO’s share upon completion.

3 Transaction Structure The Transaction is to be structured as a share sale, resulting in the Investor holding the Sale Shares, to be implemented in accordance with a Framework Agreement, a Share Purchase Agreement, a Shareholders’ Agreement, and such other ancillary transaction documents as the Parties agree.

4 Consideration The consideration for the Sale Shares shall be in the form of:

(a) cash consideration payable to GIADEC to be determined following completion of due diligence and independent valuation; and 

(b) a binding c commitment to provide debt financing for the replacement of the obsolete P69 potlines and associated plant and equipment with D18+ or better a smelting technology; and working capital to fund the commencement of operations of the retrofitted Smelter.

Ghana must asked, why was VALCO'S Board dissolved, why remove a board that was doing very well?

Was it that the Board was impediment to their irregularities?

Watch this space for more expose!