In the wake of the recent fiasco that engulfed the sale of the Volta Aluminium Company (VALCO), by government to some international consortium, there are indications factually pointing out that government is determined to let the national aluminium smelter go no matter what.
The Chief Executive Officer of the Company, Dr Charles Mensah, has therefore indicated that more foreign companies have expressed interest in VALCO’s stake, and are currently processing relevant documents to acquire it.
Though both VALCO management and government officials have kept tight lips on who and from where is making what offer, ghanaimage’s investigations have revealed that it is government’s own desperation that’s leading it to let 70% of the company go so it can get some funding to supplement some budget deficits.
We further gathered that government is making frantic efforts to cover the recent embarrassment the deal brought on the international image of VALCO and Ghana as a whole.
As part of the damage control mechanism government has commenced intensive Media publicity using some influential “senior journalists” and media outlets in the country to propagate the message that “the embattled national aluminium smelter was still attractive to investors and that government is currently in serious discussion with some of the investors who have expressed interest in the company.” The said media practitioners are being rewarded handsomely for this service, we can say on authority.
Last week Companhi Vale do Rio Doce (Vale), the Brazilian iron ore giant and Norway’s Norsk Hydro, both pulled out of an initial agreement to purchase 70% of the aluminium smelter at an estimated US$ 175.5m.
Both companies are partners in the International Aluminium Partners (IAP), a consortium that was claimed to have approached the government of Ghana to buy off the 70 per cent stake in VALCO.
Government’s reason for selling off major stakes in the aluminium smelter stems from the fact that it proposed an integrated aluminium industry for the country’s vast bauxite reserves. An integrated aluminium industry has a direct positive
The Chief Executive Officer of the Company, Dr Charles Mensah, has therefore indicated that more foreign companies have expressed interest in VALCO’s stake, and are currently processing relevant documents to acquire it.
Though both VALCO management and government officials have kept tight lips on who and from where is making what offer, ghanaimage’s investigations have revealed that it is government’s own desperation that’s leading it to let 70% of the company go so it can get some funding to supplement some budget deficits.
We further gathered that government is making frantic efforts to cover the recent embarrassment the deal brought on the international image of VALCO and Ghana as a whole.
As part of the damage control mechanism government has commenced intensive Media publicity using some influential “senior journalists” and media outlets in the country to propagate the message that “the embattled national aluminium smelter was still attractive to investors and that government is currently in serious discussion with some of the investors who have expressed interest in the company.” The said media practitioners are being rewarded handsomely for this service, we can say on authority.
Last week Companhi Vale do Rio Doce (Vale), the Brazilian iron ore giant and Norway’s Norsk Hydro, both pulled out of an initial agreement to purchase 70% of the aluminium smelter at an estimated US$ 175.5m.
Both companies are partners in the International Aluminium Partners (IAP), a consortium that was claimed to have approached the government of Ghana to buy off the 70 per cent stake in VALCO.
Government’s reason for selling off major stakes in the aluminium smelter stems from the fact that it proposed an integrated aluminium industry for the country’s vast bauxite reserves. An integrated aluminium industry has a direct positive
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