The Volta Aluminium Company Limited (VALCO) has recorded a profit of $1.4 million from January to September this year. According to Dr Robert Makila Sambian, Chief Executive Officer of VALCO, the state-owned aluminium smelter produced 30,000 metric tonnes of aluminium during this period. Dr Sambian made this disclosure at the Ministry of Lands and Natural Resources' Government Accountability and Progress Series in Accra on Tuesday.
Despite challenges facing the global aluminium industry, VALCO has shown signs of operational recovery. The company is positioning itself for significant growth under Ghana's integrated aluminium industry agenda. Dr Sambian highlighted that VALCO's progress is promising, with plans to expand its production capacity.
To achieve this growth, VALCO will require about $4 billion in investment over the next decade. This investment aims to increase the company's production capacity to 1.5 million metric tonnes annually. According to Dr Sambian, achieving this target could enable VALCO to generate about $3 billion in annual profit.
The proposed expansion is part of a broader strategy to establish a fully integrated aluminium industry in Ghana. This involves refining locally mined bauxite into alumina and further processing it into finished aluminium products. The integrated approach is expected to enhance VALCO's competitiveness and boost exports.
The expansion plan also includes creating more than 5,000 direct and indirect jobs across the aluminium value chain. Dr Sambian expressed optimism about VALCO's future, stressing that strategic investments in infrastructure, technology, and energy are essential to realising the vision of making VALCO one of Africa's leading aluminium smelters.
The Government Accountability and Progress Series provides a platform for ministries, departments, and agencies to highlight achievements and ongoing projects. This series also engages the public on national development priorities. VALCO's update on its performance and plans aligns with this initiative.
Dr Sambian's announcement underscores the potential for growth in Ghana's aluminium industry. With the right investments and strategic planning, VALCO is poised to make a significant impact on the national economy and the global aluminium market. The company's progress will be closely watched by stakeholders in the industry and the government.
Key points
- VALCO recorded a profit of $1.4 million from 30,000 metric tonnes of aluminium production in nine months.
- The company requires $4 billion in investment to expand production capacity to 1.5 million metric tonnes annually.
- Achieving the expansion target could generate $3 billion in annual profit and create over 5,000 jobs.
