Businessman Ibrahim Mahama has denied any interest in acquiring the Volta Aluminium Company (VALCO), describing allegations to the contrary as false and instructing his lawyers to pursue legal action against those behind them.
The denial follows a demonstration by workers of VALCO and the Industrial and Commercial Workers’ Union (ICU-Ghana) in Tema, during which some protesters claimed Mr Mahama was interested in taking over the state-owned aluminium smelter.
The protest forms part of a broader, months-long standoff between VALCO workers and the Ghana Integrated Aluminium Development Corporation (GIADEC) over plans to bring in a strategic equity investor to modernise the company — a move workers and their union have consistently opposed, framing it as a disguised privatisation of a national asset first established under Ghana’s first president, Dr Kwame Nkrumah.
In a statement signed by his Special Aide, Rafik Mahama, Ibrahim Mahama’s office said he “has no such interest and has not made any such offer to acquire VALCO”.
He describes the allegation as “the latest in several vile attempts to impute [his] integrity and subject him to needless public engagements”.
The statement defended the businessman’s commercial record, saying his business interests “have been legally commenced or acquired and operate within the ambit of applicable laws,” and pointed to their survival “across seven election cycles” as evidence of sound management.
It added that Mr Mahama remains committed to investing in opportunities in Ghana and beyond.
Mr Mahama, a brother of President John Dramani Mahama, has faced separate scrutiny in recent weeks over his mining company Engineers & Planners, including a disputed gold mine standoff and allegations of industrial espionage tied to the Black Volta project — both of which the company has denied.
GIADEC has previously said it does not intend to sell VALCO outright, maintaining that discussions are limited to ceding a portion of its interest to a strategic investor in exchange for capital and technology to retrofit the plant.