The Chief Executive Officer of the Ghana Integrated Aluminium Development Corporation (GIADEC), Reindorf Twumasi Ankrah, has disclosed that Volta Aluminium Company (VALCO) owes more than $400 million, while its assets fall short of covering its mounting liabilities.
Speaking on Channel One TV’s Face to Face with Umaru Sanda Amadu on Tuesday, February 10, Mr. Twumasi Ankrah warned that the company’s debt could be even higher than recorded, noting that VALCO’s assets have steadily depreciated in recent years.
“The so-called assets of VALCO cannot even pay for the debts they owe. According to records, the debt exceeds $400 million as of 2022–2023. There’s a likelihood that the debt portfolio has increased since then,” he said.
He revealed that the valuation of VALCO’s assets fell from $113 million in 2022 to $97 million in 2025, representing a $16 million decline over three years.
Mr. Twumasi Ankrah added that the company has been operating largely because the government did not want to shut it down, but he described it as “not a sustainable business.”
Among VALCO’s assets are a clubhouse for senior staff and workers, as well as landed properties. However, the CEO emphasised that these holdings are insufficient to offset the company’s debts to entities including the Ghana Grid Company (GRIDCo) and the Ghana Revenue Authority (GRA).
