Ibrahim Mahama Denies Interest in Acquiring VALCO

Businessman Ibrahim Mahama has denied reports suggesting that he is seeking to acquire the Volta Aluminium Company (VALCO), describing the claims as false and malicious.
In a statement issued on Monday by his Special Aide, Rafik Mahama, the businessman said his attention had been drawn to a demonstration by VALCO workers in Tema during which some protesters alleged that he was interested in taking over the state-owned aluminium smelter.
Mr Ibrahim Mahama has no such interest and has not made any such offer to acquire VALCO.
The statement was issued in response to placards and chants at the protest claiming that Mr Mahama wanted to acquire VALCO for US$70 million, with workers questioning whether the company’s assets were worth more than the reported figure.
According to the statement, the allegation forms part of what it described as “several vile attempts to impute the integrity of Mr Ibrahim Mahama and subject him to needless public engagements.”
The statement further defended the record of companies associated with Mr Mahama, saying they were among the best-run operations on the African continent and had been established or acquired through lawful processes.
All of the business interest of Mr Mahama have been legally commenced or acquired and operate within the ambit of applicable laws.
It added that the businesses had survived seven election cycles, which it said demonstrated their strong governance and operational credibility.
Mr Mahama, who is the founder of Engineers & Planners, reiterated his commitment to investing in Ghana and contributing to national development through legitimate business opportunities both locally and internationally.
The statement concluded by announcing that Mr Mahama had instructed his lawyers to take the necessary legal action over the publication and circulation of the allegations.
The clarification comes amid heightened tensions at VALCO, where workers have been demanding transparency over the company’s future and any plans involving strategic investors or restructuring of the aluminium smelter. Neither the Government of Ghana nor VALCO management has announced any agreement involving Mr Ibrahim Mahama and the acquisition of the company.