New Twist In VALCO Sale Dispute: Report Exposes Arch Holdings!

A finding report in the record of the Ghana Integrated Aluminium Development Corporation (GIADEC) under the Ministry of Lands and Natural Resources has exposed Arch Holdings Limited for proposing to acquire the Volta Aluminium Company Limited (VALCO's) assets and properties.

The 12-member Investor Selection Committee, which was set up by the Minister for Lands and Natural Resources, Honourable Emmanuel Armah-Kofi Buah, released its report in May 2026 after evaluating proposals for the construction of a greenfield alumina refinery and the modernization of the VALCO.

The committee was made up of Mr Augustus A. Amegashie, Professor George Armah, Mr Maxwell Amuah Essien, Dr Richard Antwi-Bediako, Mr Karen Asafu-Adjaye, Edem Amagashie Duvon, Mr Kwame Ahumah,Dr Robert Sogbedjii, Mr Philip Senyo Tsagli, Dr Prince Nkrumah, Mr Nicholas Gyabaah and Mr Bernard Ayensu.

An intercepted report by the African TODAY newspaper states that the committee found the Arch Holdings Consortium to have submitted the most comprehensive and financially robust proposal for the modernization of VALCO.

The report continues that the Holdings Consortium is led by a Ghanaian entity and supported by globally established partners, Vitol, a leading energy commodities trader with a net worth of approximately USD$30 billion, and Press Metal Holdings, the largest aluminum smelter and extruder in Southeast Asia, with an estimated net worth of USD $2.5 billion.

The report indicates that Arch Holdings committed to making a significant upfront cash payment to the Ghana Integrated Aluminium Development Corporation (GIADEC) regarding its equity in VALCO, providing immediate fiscal value to the state.

Technically, the report asserts that the proposal adopts a non-disruptive, phased retrofit strategy, beginning with the refurbishment of one idle cell line while maintaining ongoing operations, thereby mitigating shutdown risks and job losses. 

Even before the release of the report, the then Vice Chairman of the Local Union of VALCO, Mr. Courage Apetorli Nunekpeku—who is no more part of the local union—was heard in audio recordings explaining how top figures in the government,and a private investor planned to acquire VALCO's assets, citing the company's financial inability to operate commercially and maximize progress.

In an audio recording, Mr. Courage was heard stating that a top official in a strategic position at VALCO (name withheld) was giving the President a hard time.

Mr. Courage stated that the individual insisted on handling the equity or funds directly to execute the work, but the President refused.

The speaker disclosed that the President noted that the top figure had not proven over the years to have the financial capacity to turn the money around.

Mr Courage mentioned that investors providing money must also become part of the management of VALCO.

Mr. Courage claimed VALCO's break-even claims were inaccurate because they excluded certain production costs and took on VRA debts.

He said the government claimed it does not have the money to invest and is even contemplating closing down the plant.

He pointed out that a government memo drafted with such senor staff's help proposed giving 51% majority shares to investors.

Mr. Courage accused the senior officer of not working in the interest of the current government and warned of a political battle Dr Robert cannot win.

The available report affirms the VALCO workers' stance that Arch Holdings has made a strategic move to acquire VALCO's assets.

However, the public denial by those identified as pushing for the acquisition of VALCO by Arch Holdings was a mere facade intended to mislead Ghanaians and cover up their wrongdoing after being exposed by the workers of VALCO.

Previously, it was revealed that certain top state political figures and influential executives of GIADEC—who pushed for the private investor acquisition of VALCO—actively blocked the government from forming the VALCO Board to advance their agenda of selling the company to their preferred private investor.

However, once the GIADEC entered the picture, the acquisition resurfaced, while an earlier NPP administration move to sell VALCO for US$300 million was completely halted. 

Strategic figures at GIADEC allegedly played a major role in selecting an investor to acquire VALCO's assets for $79.1 million, that is 70% share of the $113 million value of VALCO according to GIADEC valuations of VALCO. 

In this regard, Local Union Chairman of VALCO, Mr Samuel Watchman Agyeman told journalists that even before the Minister of Lands and Natural Resources formally formed a committee, a top GIADEC official gave Mr Courage Apetorli Nunekpeku all these information and discussing VALCO's collapse to push for a private takeover. 

The chairman stated that although the 12-member committee did not make its report public, VALCO workers somehow obtained a copy,

discovering discrepancies in the report, the workers organized a demonstration and declared that "VALCO is not for sale."

Top GIADEC officials quickly issued public responses after learning that workers planned to protest the sale to Arch Holdings.

In this sense, he reaffirmed that no amount of threats will prevent them from changing their stance to reject the government's plan through the GIADEC to sell the state-owned smelter to Arch Holdings for a reported US$79.1 million.

Before the protest, the Deputy Minister of Lands and Natural Resources, who serves as the Member of Parliament for the Bole-Bamboi Constituency, Hon. Alhaji Yusif Sulemana, visited VALCO's premises to inform workers that the government would set up a new committee.

The Deputy Minister explained that the new committee would review and validate the first committee's findings, though workers proceeded with their demonstration despite the new committee to be constituted.

The comments follow a protest organised by the Industrial and Commercial Workers' Union in Ghana against the alleged sale of VALCO, with the union insisting that any transfer of ownership could threaten workers’ livelihoods and Ghana’s control over the Strategic Integrated Aluminium Industry.

The union chairman stressed that Arch Holdings is lobbying to acquire VALCO through the Ghana Integrated Aluminium Development Corporation, raising concerns about transparency and asset valuation. 

He said that the Arch Holdings has been given both VALCO modernization and the development of the new greenfield buoxite/alumina refinery. 

The chairman stated that the question to ask is who is behind Arch Holdings Limited in Ghana, which is trying to acquire the VALCO assets.

The Chairman stated that they didn't know actual owner of the compamy in Ghana and that they are still finding the real owner of the company. Meanwhile, the company is not in good standing with the Registrar General.

Mr Watchman reiterated the true owners of Arch Holdings in Ghana remain unknown, questioning who is truly behind the company.

He although affirmed that he didn't read the press statement issued by the businessman, Mr Ibrahim Mahama to refute the allegation of his intent push for Arch Holdings Limited to acquire VALCO.

He stressed that they still stand firmly on their claim that Arch Holdings is actively lobbying to acquire VALCO.

He maintained that workers are focused on preventing state control of VALCO from being handed over to private investors. 

He argued that VALCO is performing well commercially and questioned the rationale behind seeking private equity control.

He contrasted past New Patriotic Party (NPP) and current government valuations, arguing that offloading the company's equity at lower valuations would disadvantage the state.

According to him, many people—including the top officials at the Ghana Integrated Aluminium Development Corporation—have deliberately tried to divert the narrative away from state management and control regarding the moves by VALCO workers to question GIADEC's plan to sell company assets to the private investment company, Arch Holdings.

He pointed out that the core issue they are addressing is the sale of VALCO to Arch Holdings, which they believe is wrong.

He stressed that the financial terms, assets, and procedures involved in GIADEC's intention to sell to the Arch Holdings will not bring any growth or benefits to the company.

He stated that VALCO is performing well in its commercial operations, arguing that they find it extremely difficult to understand why GIADEC has decided to hand over control of a thriving company to a private investor.

He asserted that VALCO's future is secure, and they maintain their call for President John Dramani Mahama to take a critical look at GIADEC's plans regarding Arc Holdings.

He recalled that during the previous NPP administration under President Nana Addo Dankwa Akufo-Addo, when the government attempted to sell VALCO to a private investor for $300 million, they strongly opposed it, forcing the government to rescind its decision.

He questioned the consistency of selling the company now, noting that the current arrangement through GIADEC involves offloading a structurally improved VALCO under terms they consider disadvantageous compared to previous valuations.

The local Union Chairman expressed fear that state-owned property is being sold off cheaply at the expense of national interests and future company growth.

He further questioned why a previous offer involving a $69 million investment—requiring no equity shares and paid back through product supply—was allegedly rejected by the Ghana Integrated Aluminium Development Corporation (GIADEC) led by Mr.Reindorf Twumasi Ankrah.

He contrasted this with concerns over a larger stake transfer arrangement, questioning the logic and financial transparency behind the decisions made by state agencies.

The chairman claimed an investor is ready to put $69 million into VALCO's commercial operations without asking for company shares and negotiations are far ahead.

Under this deal, the investor would recover the $69 million by purchasing VALCO’s finished aluminum products.

This is a good and acceptable deal for the company's growth.

He questioned why the government through GIADEC chose to sell a 70% stake in VALCO to a private investor for $79 million when another investor was willing to inject $69 million without taking any shares. 

He argued that GIADEC has strayed from its core goal of developing the integrated aluminium industry starting from a bauxite refinery feeding into VALCO, choosing instead to sell raw bauxite cheaply around $25 per metric tonnes while a refined bauxite is worth a whooping $450 per metric tonnes in the aluminum industries.

He expressed worry that GIADEC is shifting away from its core mandate of building local refinery and the domestic aluminum downstream sector.

Reliable access to raw aluminum is vital for local industries, such as cable manufacturing companies that produce overhead electricity lines.

He called upon President John Dramani Mahama and Parliament to investigate the transaction and protect national interests.