The Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, has inaugurated an Investor Selection Committee established by the Ghana Integrated Aluminium Development Corporation (GIADEC) under the guidance of the Ministry. The committee is tasked with evaluating and recommending a strategic partner from proposals received for the VALCO modernisation project and the development of Ghana’s first alumina refinery.
Delivering the keynote address, Mr Buah said the alumina refinery and VALCO modernisation represent cornerstone projects in Ghana’s industrialisation agenda. Together, they demonstrate the country’s commitment to moving from a bauxite-exporting economy to one that processes and adds value locally.
“These two projects are interdependent and mutually reinforcing,” the Minister 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. The goal is clear: to move from raw-material export to value addition — from mining and export to processing, manufacturing, and export.”
He added that President Mahama’s reset agenda involves bold steps to integrate Ghana’s aluminium value chain, starting with the VALCO modernisation and alumina refinery projects — a vision first championed by Dr Kwame Nkrumah. Mr Buah noted that GIADEC’s ongoing work to develop the Integrated Aluminium Industry (IAI) would transform the economy and create thousands of jobs for Ghanaians.
According to the Minister, the committee was carefully constituted to assess investor proposals and recommend partners who bring not only capital, but also technology, technical expertise, local capacity-building, environmentally responsible practices, and a shared commitment to Ghana’s long-term development.
The Acting Chief Executive Officer of GIADEC, Reindorf Twumasi Ankrah, reaffirmed the corporation’s commitment to supporting the committee in its work. He noted the strong interest shown by reputable investors globally, describing it as a sign of growing investor confidence in President John Dramani Mahama’s management of the economy.
Mr Buah assured that the selection process would be transparent, merit-based, and aligned with national interests, ensuring the protection of Ghana’s lands, minerals, environment, and host communities.
Background
Ghana began pursuing an Integrated Aluminium Industry (IAI) several decades ago but faced challenges, including limited funding, inadequate power supply, and global market factors. The absence of a domestic alumina refinery remains a key missing link in achieving full integration.
Currently, VALCO operates below capacity — producing about 40,000 tonnes of aluminium annually, far short of its installed capacity of 200,000 tonnes — and relies on imported alumina from countries such as Jamaica.
The planned refinery, the first in Ghana, aims to close this gap by refining local bauxite into alumina to supply a modernised VALCO smelter. This, according to the Ministry, will help retain more value within the national economy.
Modernising VALCO, a strategic national asset, is expected to revitalise its operations and enhance efficiency, competitiveness, and sustainability. Together, the refinery and smelter modernisation projects are expected to serve as the backbone for downstream aluminium manufacturing and broader industrial growth supported by power, transport, and logistics infrastructure.