VALCO is now 100% State-Owned

...Govt buys final 10% shares from ALCOA
... No Foreign Investors?
Accra, June 20, GNA- Government on Thursday bought over the final 10 per cent shares of the Volta Aluminium Company (VALCO), from ALCOA to become the sole shareholder of the flagship industrial company set up by Ghana Government and Kaiser of USA in the immediate post-independence era.

A statement signed by Mr Andrew Awuni, Press Secretary to the President and Presidential Spokesperson, said the transfer of the shares to Ghana Government was done in the Castle at a short ceremony during which the Director-General of ALCOA, Jens Kallmeyer presented the share certificate to Mr. Kwadwo Baah-Wiredu, Minister for Finance and Economic Planning.

Mr. Baah-Wiredu in turn presented a Banker's Advice for two million dollars being the total cost of the 428 ordinary shares to Mr. Kallmeyer. Among those present at the ceremony were the Mrs. Mary Chinery-Hesse, Chief Advisor to President Kufuor, the Attorney-General and Minister for Justice, Mr Joe Ghartey and Dr. Charles Mensa, Chief Executive Officer of VALCO

The statement said, at its meeting held on Tuesday June 17, 2008, Cabinet considered the offer from ALCOA to sell its 10 per cent shares in VALCO and decided to purchase the shares to add to the 90 per cent shares Government of Ghana already had.

The Government has proposed a concept of an integrated Aluminium industry in which the country's bauxite will be mined, refined and processed to near-end or end products in Ghana. The statement said the concept was also linked to the Railway system in Ghana which depended largely on the transport of bauxite for sustainability.