ICU Ghana opposes proposed VALCO private investment, demands review of 70% equity transfer

The Industrial and Commercial Workers’ Union (ICU-Ghana) has demanded an immediate halt to negotiations over the proposed transfer of a controlling stake in the Volta Aluminium Company Limited (VALCO) to a private investor.“In our considered view, ceding a controlling interest in a wholly State-owned company to a private investor would, in substance, result in a significant transfer of ownership and control,” the ICU said.“The Ministry must therefore disclose, in the interest of transparency, who currently constitutes the prospective strategic investor and on what basis the Government intends to proceed with negotiations,” the Union said.