In November 2025, an investor selection committee was inaugurated by the Hon. Emmanuel Armah-Kofi Buah, the Minister for Lands and Natural Resources. The committee, tasked with evaluating the proposals received by the Ghana Integrated Aluminium Development Corporation (GIADEC), submitted its options analysis report to the Minister today.
Speaking at the meeting to hand over a copy of the report, the Minister expressed his profound gratitude to the committee for their dedication and diligent work. He further stressed that he has no doubt the 12-member committee has done a sterling job.
Hon. Buah said the alumina refinery and VALCO modernisation are cornerstone projects in Ghana’s industrialisation agenda, aimed at transforming the country from a bauxite raw material-exporting economy to one that processes and adds value locally. “These two projects are interdependent and mutually reinforcing,” he stated.
“The refinery will feed the smelter, the smelter will anchor downstream aluminium manufacturing, and together they will drive the growth of industrial clusters supported by logistics, power, rail, and port infrastructure.” Hon. Buah was optimistic that the selected investors would bring the required funds, expertise, and technology needed to embark on these projects and transform the country on an industrial path.
He said the construction of an alumina refinery is critical to the development of an Integrated Aluminium Industry (IAI) and expressed satisfaction that companies are willing to partner with GIADEC and Ghana on this journey of transformation.
On the modernization of VALCO, Hon. Buah urged the selected investor to get started immediately in 2026 and ramp up production from 40,000 to at least 200,000 tonnes per year by the end of 2028. He emphasised that securing an equity investor is pivotal for both VALCO’s survival and the industry’s growth.
He also added that a fully operational VALCO will provide a minimum of 6,000 direct jobs for Ghanaian youth, hence it was imperative to have it fully operational for their benefit and for the country at large.
The committee, through its co-chairpersons, Mr. Augustus Amegashie and Prof. George Armah, thanked the Minister for the opportunity to serve. They also extended their appreciation to the committee members, including representatives from VALCO, GIADEC, and the Ministries of Finance, Trade, Energy, and Lands and Natural Resources, for their meticulous work throughout the process.
They stated that the committee adopted a rigorous two-stage approach, which included a detailed qualitative assessment using a Decision Matrix and SWOT analysis tables, applied to the formal evaluation criteria established under the terms of reference. The first stage involved an initial screening for substance, credibility, and strategic fit, followed by a second stage of in-person interviews to verify documents and claims as a form of enhanced due diligence. The evaluation focused on five pillars: financial capacity, technical competence, sustainable power solutions,
environmental/social stewardship, and robust governance to protect shareholder interests.
They stressed that their work leverages the efforts of successive governments to resolve the structural challenges impeding the nation’s pursuit of an integrated aluminium industry, specifically those facing VALCO since its transition to full state ownership. In 2022, Cabinet approved a plan to engage a majority equity investor to modernise and expand the facility. The justification presented then remains valid today; without the immediate strategic intervention and modernisation advocated in 2022, the entity faces accelerated and terminal decline.
In conclusion, they noted that a copy of the report has been formally referred to the GIADEC Board for further action, in accordance with the Terms of Reference and the GIADEC Act.
They further urged Government to provide all necessary support to GIADEC and other relevant bodies to ensure work begins immediately—particularly on VALCO—to generate considerable job opportunities for Ghana’s youth.
The Chief Executive Officer of GIADEC, Mr. Reindorf Twumasi Ankrah, reaffirmed GIADEC’s commitment to supporting Government’s goal of establishing a fully functional aluminium industry that serves the country, creates thousands of jobs, and positions Ghana as a major player in the global integrated aluminium business.
He concluded by saying that all hands must be on deck to ensure that President John Dramani Mahama’s reset agenda is realised in the Integrated Aluminium Industry. He concluded by emphasising that a collective effort is imperative to ensure President John Dramani Mahama’s reset agenda is fully realised within the Integrated Aluminium Industry.
Present at the event were the Chairperson and members of the of the governing board of GIADEC..
Background
GIADEC, in pursuance of its mandate under the law, has developed a Master Plan as a roadmap for the future of the Integrated Aluminium Industry. As part of the implementation of this Master Plan, GIADEC proposed four projects, which were approved by Cabinet in 2020. The modernization and retrofit of VALCO and the construction of an alumina refinery are designated as “Projects 3 & 4”.
A “no objection” approval was received from Cabinet to “identify and engage a strategic partner for the VALCO modernisation (retrofit) project – Project 4 of the Integrated Aluminium Industry Project”.
