The Minister of Lands and Natural Resources, Emmanuel Armah Kofi Buah, has indicated government will need about $2.3 billion to modernise and fully operationalise to Volta Aluminium Company Limited (VALCO).
He made these remarks after paying a working visit to the aluminium smelting company yesterday.
The Minister, who was accompanied by officials from the Lands Ministry and the Ghana Integrated Aluminium Development Corporation (GIADEC), said the aim of the administration is to modernise the operations of the company and bring it to full capacity to enable it to create jobs for the citizens of the country.
Kofi Buah reiterated the desire to develop VALCO into the dream state, which led to its establishment by the first President, Osagyefo Dr Kwame Nkrumah.
He said, “VALCO is currently operating below capacity – 23% – and because of that low capacity, it has implications in terms of efficiency and really hinders profitability and brings about inefficiency in the use of energy. But we know the potential of VALCO.”
This is a sleeping lion that we must work together to bring up.”
Touching on the potential effects of a fully operational VALCO, the Minister said it has the potential to transform the nation’s economy as well as that of Tema.
We cannot stop fighting to bring VALCO the value that has eluded this country for so long.”
