The Volta Aluminium Company Limited (VALCO) has returned to positive earnings, posting an EBITDA of $1.4 million for the first nine months of 2026. This turnaround is attributed to value-added manufacturing and a new shift system. EBITDA stands for earnings before interest, taxes, depreciation, and amortization. The company's revenue for the period to September 30 rose 13% to $103.85 million, up from $91.78 million in the same period last year.
VALCO's Chief Executive Officer, Dr. Robert Makila Sambian, presented the figures on Tuesday, November 3, at the Progress Series organized by the Ministry of Lands and Natural Resources. The event showcased developments in Ghana's industrial sector. Dr. Sambian attributed the improvement mostly to the commercial operation of VALCO's first value-addition facility, the Continuous Casting and Rolling (CCR) Electrical Grade Rod Mill.
The CCR Electrical Grade Rod Mill turns primary liquid aluminum into high-grade electrical rods for domestic industry and export to European markets. This new facility has contributed significantly to VALCO's improved financial performance. The company's workforce has grown from 785 employees in December 2025 to 848 by October 2026. VALCO projects that restoring its full potlines, together with further downstream expansion, will lift direct employment to 1,500 and sustain more than 6,000 indirect jobs across the country.
Dr. Sambian credited the expanded 1:4:4 shift system with improved production continuity, higher output, less worker fatigue, and more jobs. The 1:4:4 shift system is an important operational model that underpins VALCO's operational continuity and financial performance. Assigning four dedicated workers to every role across four rotating shifts allows the company to maintain uninterrupted production, maximize output, eliminate worker fatigue, and directly expand employment opportunities.
VALCO's business has widened beyond exporting primary aluminum, with the rod mill supplying high-grade electrical rods to power Ghana's domestic infrastructure while fulfilling export orders for European markets. This commercial strategy strengthens VALCO's foreign exchange earnings and underpins its financial recovery. To sustain growth, VALCO has retooled with 16 lift trucks, two payloaders, two melting furnaces, a centrifuge system, mobile crushing equipment, cranes, and natural gas piping infrastructure.
The company has also secured 5,000 metric tonnes of imported carbon anodes to support expanding its reduction cells towards a target of 150. With plant operations stabilized, VALCO expects to end October with 98 active reduction cells as it works to consolidate its recovery and reach long-term profitability. The company is on track to achieve its goals, driven by its value-added production and efficient operations.
VALCO's recovery is a positive development for Ghana's industrial sector, and the company is poised for continued growth and success. The Progress Series event, where Dr. Sambian presented the figures, highlights the Ministry of Lands and Natural Resources' efforts to showcase developments in Ghana's industrial sector. VALCO's turnaround is a significant achievement, and the company is well-positioned for a sustainable future.
Key points
- VALCO's revenue increased by 13% to $103.85 million for the first nine months of 2026.
- The company's EBITDA turned positive at $1.4 million for the first nine months of 2026.
- VALCO's workforce grew from 785 employees in December 2025 to 848 by October 2026.
