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Govt seeks Strategic Investor to galvanize Integrated Aluminium Industry

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VALCO has gone through turbulent phases including a series of shutdowns largely due to the lack of investment, repairs, and maintenance. In 2008, the Government of Ghana, under former President John Agyekum Kufuor, acquired Kaiser’s shares in VALCO making it a wholly Ghanaian owned Company. The plant has been operating with the same dated technology and obsolete equipment inherited from the previous owners (Kaiser Aluminium and Alcoa) and has one of the highest production costs per a ton of aluminium globally. 

The lack of capital injection and modernization of the plant, over the years, has led to VALCO operating under capacity and recording loses.

President Akufo-Addo, with his vision to industrialize and transform Ghana’s economy; birthed the Ghana Integrated Aluminium Development Corporation (GIADEC) in 2018 with a mandate to develop and promote Ghana’s Integrated Aluminium Industry (IAI).

VALCO in the Integrated Aluminum Industry Project

GIADEC is mandated by its enabling Act of 2018 (Act 976) to develop Ghana’s Integrated Aluminium Industry spanning bauxite mining, alumina refining, aluminium smelting and downstream aluminium products manufacturing. In this pursuit, Government’s 100% ownership of VALCO has been transferred to GIADEC. Also, per the Master Plan of GIADEC, VALCO has been made the anchor of the IAI Project, linking the upstream and downstream sectors of the aluminium industry.

VALCO, being the only existing Smelter in Ghana, is required to expand its production from the current 40,000tpa to 300,000tpa of aluminium, implying that the Company’s production capacity must be increased by 650%. To achieve this target, VALCO requires significant transformation to retrofit its old and obsolete potlines as well as other production facilities, plant and equipment to more modern and efficient technology. The fully retrofitted VALCO Smelter will increase its installed capacity to a fully operational 300,000 tpa.

VALCO’s retrofitting project

The VALCO retrofitting project involves the replacement of the five (5) obsolete P69 Potlines and associated plant and equipment of the Smelter to a modern and more efficient smelting technology. GIADEC and VALCO have assessed the financial needs for the retrofitting Project and have estimated it at Six hundred million United States Dollars (USD600,000,000)
The Retrofitting will be done in two phases to enable production to continue without supply interruptions to the burgeoning local downstream companies.

Cabinet Approval

In June, 2022, Cabinet granted approval for Ghana Integrated Aluminium Development Corporation (GIADEC) and the Volta Aluminium Company Limited (VALCO) to identify and engage a Strategic Partner with the financial and relevant capacity to provide the needed investment and technical wherewithal plus strategic international linkages.

Future State of VALCO

The implementation of Project 4 - the modernisation and expansion of the VALCO smelter to improve efficiency and increase capacity; is to ensure that VALCO is positioned to sustainably grow and be profitable and contribute towards establishing and realising the linkages of the upstream and downstream components of the Masterplan for Ghana’s IAI. The mordenisation and retrofitting of the VALCO smelter will increase the plant’s current production of 50,000 to new installed capacity of 300,000 tonnes that will be a major boost to realisation of the plan.

 

Benefits of a retrofitted and modernized VALCO

The retrofitting is designed to transform VALCO from a loss-making entity into a best-in-class profit-making and shareholder value-maximising entity, promoting the Government’s industrialisation agenda and contributing substantially to the socio-economic development and growth of the Ghanaian economy.

VALCO's smelting operations will allow significant value addition to Ghana’s bauxite resources. It is estimated that on an annual basis, 1.5mt of bauxite valued at approximately USD75million can generate USD180million after refinery and USD600million after smelting. 

Smelting is the key linkage between the upstream and downstream sector of the aluminium industry where a tonne of aluminium can generate USD6,000 – which is three times the value after smelting (USD2,000 per tonne).

VALCO operating at 40% capacity currently employs about 750 workers. After retrofitting and modernizing the plant to increase production from the current 50,000 to 300,000 tonnes of aluminium per annum, the smelter will create high-paying direct plus indirect jobs in the thousands for Ghanaians.

 

  • DR HENRY BENYAH

    (Board Chairman)

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    DR HENRY BENYAHDr Henry Benyah is the Chairman of the VALCO Board. He is the Chief Executive Officer of MakYoung Limited, a Management and Financial Consulting Firm, specialising in Business Financing, Business Development, Business Innovation, Change Management and delivery of Management and Financial Consulting Solutions and Services. Prior to MakYoung, Dr. Benyah was a Partner in charge of Consulting for Deloitte & Touche. He had responsibility for Deloitte’s Consulting Services in West Africa and parts of East and Southern Africa.

    Dr Benyah is a member of the Board of the Ghana Integrated Aluminium Development Corporation (GIADEC) where he represents the interests of the Integrated Aluminium Industry. In addition he serves on other Boards of Directors, including Zenith Bank (Ghana), and the University of Ghana Centre For Social Policy Analysis. He is Chairman of Fast Pace Transfer Limited and MakYoung and was formerly the Chairman of Ghana Railways Company.

    Dr Benyah has a Bachelor’s degree in Business Administration from the University of Wisconsin-Milwaukee, Wisconsin, USA; an MBA-Finance from Benedictine University in Illinois, USA; and a Doctorate in Management from the University of Maryland, Maryland, USA.

  • DANIEL ACHEAMPONG

    (C.E.O/Member)

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    DANIEL ACHEAMPONGDaniel (Dan) Acheampong is the Chief Executive Officer of VALCO and has held this position since January 2014. Dan is a Human Resource practitioner by profession and prior to assuming this top position at VALCO had had over 28 years of contemporary experience in the field of Human Resource Management and Leadership.

    Dan graduated with First Class Honours Degree in Business Administration from the University of Ghana Business School, (UGBS) in 1984, majoring in Management. With over 28 years of contemporary experience in Human Resource Management and Leadership, prior to becoming the CEO, he holds a global perspective of issues, given his solid professional/executive post-graduate credentials obtained from the Business Schools of the University of Michigan, Harvard University and, the Centre for Creative Leadership, all in the United States of America. Productivity occupies a pride of place in his heart, thanks to his course of study at the Botswana National Institute of Productivity.

    Since joining VALCO in 1987 Dan has worked in various capacities in human resources and became the Deputy Chief Executive Officer in charge of Human Resource and Administration, Public and Legal Affairs. With his impressive background in Contract, Administrative and Company Law, Dan had worked for over 3 years as Administrative/Investigations Officer with the Office of the Ombudsman, now Commission for Human Rights and Administrative Justice (CHRAJ) before joining VALCO.

    Dan is currently the President of the Ghana Employers’ Association (GEA). He assumed this office, having served two, two-year terms as President of the Institute of Human Resource Management Practitioners, Ghana (IHRMP) after being its Vice-President earlier on. He also serves on a number of Boards including SSNIT. Dan is a practicing Catholic and is happily married to Kate. They have two children, namely, Yasmine and Nhyira.

  • MICHAEL ANSAH

    (Member)

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    MICHAEL ANSAHMr Michael Ansah is a Member of the VALCO Board. He was appointed by the President of Ghana in 2018, to lead the development of the nation’s Integrated Aluminium Industry programme. He is the Chief Executive Officer of the Ghana Integrated Aluminium Development Corporation (GIADEC).

    Michael is an accomplished business leader, with extensive international experience across varied industry sectors. Prior to his appointment, he was Senior Vice President at Dell Technologies, where he held global and regional executive leadership positions, managing operations and investments across the Americas, Europe, Middle East and Africa, and Asia Pacific, in a career spanning over 12 years.

    He previously held executive roles at Symonds Group, Regus Plc, where he was Group Director, and PWC Consulting/IBM Business Consulting Services, where he was Director/Associate Partner in the Real Estate and Capital Programme Management practice. Michael holds a B.Sc. Hons (Design), and Post Graduate Diploma in Architecture from KNUST in Ghana, and an MBA from Cranfield School of Management, UK.

  • SETH ADJETE ADJEI

    (Member)

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    SETH ADJETE ADJEIMr Seth Adjete Adjei is a member of the VALCO Board. Seth was Managing Director of VALCO from July 2005 until he retired in December 2008. He had worked with VALCO from July 1969, as an Electrical Engineer, as Production Department Manager, and also as Acting Director of Human Resources and Personnel Administration.

    Currently, Seth is a Consultant to the Ghana Integrated Aluminium Development Corporation (GIADEC).

    Seth is a Fellow of the Ghana Institution of Engineers, and serves as a Council Member of the Energy Foundation. He has held several Directorships in the past, and is currently a Director of City Car Parks Limited.





  • HON. SAMUEL EVANS ASHONG NARH

    (Member)

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    HON. SAMUEL EVANS ASHONG NARHSamuel Evans Ashong Narh, a product of Kwame Nkrumah University of Science and Technology is a Mechanical Engineer by profession. He graduated in June, 1966. He was employed by the Consolidated African Selection Trust (CAST) which later became Ghana Diamond Company Limited at Akwatia as Assistant Plant Engineer in 1966. He was responsible for running the diamond mining plant including plant maintenance. He was in charge of plant supervisor, foremen, attendants, security guards and recorder on the plant.

    In 1968 resigned from CAST and was employed by Ghana Cement Works now called Ghacem Limited in 1968 as mechanical engineer in Takoradi. A year later he was transferred to Tema factory and his designation changed to Production Engineer in 1969. The purpose of his transfer was to assist in the expansion of Tema factory from one grinding mill to three mills including the cement packing plant and two additional cement storage silos. In 1979 he led the effort to embark on restructural programme which brought him up as Production Manager to encompass five technical departments, namely: mechanical, production, electrical, stores/procurement and quality control. In 1988 he resigned from Ghacem and went into private practice and established ANOK ENGINEERING SERVICES to offer services in building construction, metal works, and consulting.

    From the year 2001 to 2005, Hon. Ashong Narh was appointed the Mayor of Tema Municipality which comprised the Tema East, Tema West, Ashaiman, Adenta and Kpone constituencies by His Excellency, President J.A. Kufuor. He chaired the Greater Accra Regional Tender Review Board at the Regional Coordinating Council from 2005 to 2008. Hon. Ashong Narh was elected the Member of Parliament for Tema East and served in that position from 2013 to 2017. In Parliament, he served on three committees; namely - Works and Housing and Water Resources, Government Assurance and Gender, Women and Children. He has since been the Managing Director of Get-Well Ltd (Group of Companies). He is currently serving on the Board of the Precious Minerals Marketing Company Ltd (PMMC). Hon. Ashong Narh has undertaken a number of courses including a Diploma in Cement Technology (POLAND), Cement Machinery (NORWAY) and Cement Production and Management (DENMARK). He holds also a Certificate in Planning by Critical Path Analysis (MDPI ACCRA) .

  • DR GLORIA NAA DZAMA ADDICO

    (Member)

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    DR GLORIA NAA DZAMA ADDICODr Gloria Naa Dzama Addico is Senior Research Scientist and the Head of Department of the Environmental Biology and Health Division of the CSIR- Water Research Institute. She is also an Ordinand Priest Trainee attached to the Most Holy Trinity Cathedral Anglican Church, Accra. She attended the Kwame Nkrumah University of Science and Technology, Kumasi where she obtained a Bachelor of Science Degree in Natural Resources Management (Watershed Management and Fisheries Option) and Master of Philosophy Degree in Biological Science in 1989 and 2000 respectively.

    She also studied Limnology at the Institute of Limnology, Gaisberg, Austria and the Czech Academy of Sciences, Trebon, Czech Republic in 1993. In 2004, she pursued a Doctoral studies at the University of Hull, Hull, United Kingdom at the Department of Biology and was awarded a double Certificate; Post-graduate Certificate in Research Methods and PhD in Biological Science, Ecotoxicity of Cyanobacteria in 2006 and 2008 respectively, becoming the first Ghanaian to be awarded a PhD in Cyanobacteria and Cyanotoxins Studies.

    She was a Visiting Scientist at the University of Hull, UK from 2008-2010 and a Visiting Academic at The Robert Gordon University, Aberdeen, Scotland, United Kingdom for six months from April to September, 2011. She was awarded a Governmental Citation based on recommendation from the Ghana Government Scholarship Secretariat followed by a Commendation from the Council for Scientific and Industrial Research for her pioneering research work on Cyanobacteria and Cyanotoxins as part of her PhD. Currently Dr Addico is again a Visiting Scientist at the University of Hull working on Developing a Rapid Diagnostics Determination of Cyanotoxins. She has several International Journal Publications to her credit and a book published in Germany. Recently, she was nominated as the Chairperson of the 50th Anniversary Celebration of the Holy Trinity Cathedral Senior High School. She has just completed a Master of Arts Degree in Ministry at the Trinity Theological Seminary, Legon. She serves as a Board Committee Member of the Human Resource Management Committee of the Korle Bu Teaching Hospital and the Economic and Development Committee of the Coastal Development Authority. Her major interests are Environmental Ecology and Management, Biodiversity and Cyanotoxins as affects living organisms especially man.

  • KOFI PERCIVAL AKPALOO

    (Member)

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    KOFI PERCIVAL AKPALOOKofi Percival Akpaloo is a commercial oriented finance professional with several years post qualified extensive work experience of building, leading, and advising corporations through complex restructurings, international expansions, and capital markets transactions. He has been involved in managing financial risks, foreign exchange accounting, economics, and business issues with emphasis on business valuation, economic damages, and forensic accounting issues.

    Kofi is an excellent leader with a track record of contributions leading to improved financial performance, heightened productivity, and enhanced internal controls in several organisations. He has worked in a number of organisations in both Ghana and the United Kingdom and Ireland. He worked with Guinness Ghana, Accra Brewery, Darko Farms and Goldlink Ghana Limited all in the Finance and Accounting areas. He also worked in Edreams, Presdel Group and Chase Christopher Roberts in London, United Kingdom in the Accounting field. he held various positions in Northern Trust Global Investor Company and Doveson Lovell both in Dublin, Ireland. In Doveson he became the Senior Business Financial Manager where served as advisor to privately held commercial clients and supervised teams of accountants on multiple projects, including acquisition reviews.

    Kofi obtained the Certificate in International Auditing from Emile Wolf College. He obtained his first degree in B.Sc., (Accounting) from the Oxford Brookes University after doing a Diploma in Finance and Accounting at The Institute of Management Studies.

    In professional life Kofi is a Fellow of the Association of Chartered Certified Accountants (ACCA). and also a member of the Chartered Institute for Securities & Investment (CISI), Global Association of Risk Professional (GARP) and the Chartered Financial Analyst Institute (CFA).

  • MICHAEL DARKO ABROKWA

    (Board Secretary)

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    MICHAEL DARKO ABROKWA Mr Michael Abrokwa is the Company Secretary at VALCO and Secretary to the VALCO Board. He has several years’ experience in the field of Human Resource Management. He began his working career in Human Resource Management with VALCO and rose through the ranks to become the Area Manager in charge of Learning and Development before assuming his current role. Mike provides support to the Board of Directors which has overall responsibility, to ensure that VALCO achieves its vision. He ensures the efficient administration of the Board Secretariat and the Company, particularly with regard to compliance with statutory and regulatory requirements.

    He has championed a number of learning and development programmes including VALCO’s flagship programme – the Effective Leadership in Management, Health and Safety and has specialized in Performance Management Systems. Mike holds a B.Sc. (Admin) in Human Resource Management, an Executive MBA from the University of Ghana Business School, Legon and an M.Phil. in Leadership from the University of Professional Studies Accra. He has also obtained Certificates in Corporate Governance, Company Law and Company Secretarial Practice. Mike is a member of the Chartered Institute of Human Resource Management Practitioners (CIHRMP) Ghana and the Association for Talent Development (ATD).

FINANCE DEPARTMENT

The Finance Department is responsible for financial planning and analysis, internal risk management and controlling, treasury management and financial accounting and reporting. The Department plays a key role in shaping both short and long-term business strategies towards fulfilling the mission and vision of the Company.

The Finance Department has two main sections – Financial Analysis and Planning and Financial Accounting. The latter takes care of payables and financial reporting whereas the former is responsible for financial planning, budgeting and cost accounting.

In sum, the Department is essentially a service provider. It provides cost effective and efficient accounting and financial management services to management, the Board and other interested stakeholders. The following are summary of the functions of the Department.

  • Carrying out treasury and cash management functions – efficient working capital management
  • Developing and maintaining effective systems of internal controls
  • Developing and ensuring adherence to accounting policies and procedures
  • Preparing and monitoring the annual budgets and forecasts
  • Ensuring compliance with applicable statutes, regulations and financial reporting standards
  • Providing sound advice on the financial and tax implications of business decisions
  • Preparing monthly management accounts
  • Preparing annual financial statements and liaising with external auditors for statutory audits
  • Managing risks generally
  • In the area of financing and investment decision-making, the Department leads efforts and helps shape/reshape strategic discourse by undertaking critical financial analysis and providing insights into strategic initiatives in ways that provide context, nuance and understanding from financial management perspective.

Office Location

Volta Aluminium Company Limited (VALCO)
Heavy Industrial Area,Tema, Ghana
Phone: +233-302208787
Email: info@valcotema.com