Former Managing Director of the Volta Aluminium Company (VALCO), Titus Glover, has revealed that the company is currently struggling financially and operating “hand to mouth,” underscoring the urgent need for fresh capital investment.
Speaking on Adom FM’s Dwaso Nsem, Mr Glover said longstanding financial constraints during his tenure made it difficult to implement key plans aimed at reviving the company.
“During my time, we were cash-trapped. There was no money, and my board also didn’t help me,” he stated.
He disclosed that one of the major challenges was the expiration of VALCO’s land lease, which had originally been granted for 60 years.
“Those lands are not for VALCO. The lease had expired, and when I took over, the Tema Development Company had written to us demanding over GH¢800 million for renewal—money we didn’t have,” he explained.
Mr Glover said a petition was later made to then-President Nana Addo Dankwa Akufo-Addo, who reduced the amount significantly.
“He slashed it to about GH¢144 million, which was very considerate, and we are grateful for that,” he noted.
According to him, he proposed a strategy to the board to raise funds by selling a portion of VALCO’s land, which he described as part of an industrial park.
“I suggested that if we sold about 100 acres, we could generate between $300 million and $350 million. That would have helped us settle the lease and secure a new agreement for 50 to 60 years,” he said.
He added that such funds could have been reinvested into upgrading critical infrastructure, including linking gas supply and replacing outdated machinery.
“We had plans to invest in key areas, bring gas from Sentuo, upgrade equipment and modernise the plant, but the board did not support the proposal,” he lamented.
Mr Glover stated that the company’s current financial position leaves little room for major improvements, stressing that any meaningful turnaround of the smelter would require significant capital injection and strategic investment.
“If we want a holistic transformation of the plant, then we need capital injection—there’s no way around it. As it stands now, there is no money. They are operating hand to mouth,” he added.
While acknowledging the need for investors, he expressed a preference for strong local participation.
“If Cabinet has given the green light, then I hope we get a local investor. Even if there is a foreign partner, a Ghanaian should lead,” he stressed.
His comments come at a time when discussions around VALCO’s future and potential investor involvement continue to generate public and worker concerns.
Source: adomonline.com
