Mr. Reindorf Twumasi Ankrah, the newly appointed Acting CEO of the Ghana Integrated Aluminium Development Corporation (GIADEC), has hit the ground running in his efforts to advance the nation's integrated aluminium industry. Within less than three weeks of assuming his role, he has outlined a clear vision to contribute over $2 billion to Ghana's economy. In a call to potential investors, Mr. Ankrah announced that GIADEC is now open to forming partnerships with those who share the goal of establishing a robust integrated aluminium sector in Ghana. He emphasised that investors must also demonstrate both financial capability and industry expertise as key criteria for collaboration.
Mr. Ankrah has already determined that GIADEC will require over USD 6 billion to fully develop the aluminium value chain in Ghana. During an investor engagement session this week with the African Selection Group (ASG), he shared this estimate and highlighted that depending solely on central government funding would not be a viable option, considering the current economic climate. As a result, seeking partnerships with suitable investors should be a way to go forward.
During the meeting, the Managing Director of ASG, John Kamara, expressed strong interest in collaborating with GIADEC to develop Ghana's integrated aluminium industry, particularly in retrofitting and modernising the VALCO smelter. He outlined that ASG would invest in two phases in the short to medium term to enhance VALCO's efficiency and increase its production capacity from 60,000 to over 300,000 tonnes annually.
In Phase 1, VALCO's production facilities will be upgraded and expanded, implementing energy efficiency measures, undertaking technological upgrades, and modernising the potlines. In Phase 2, an alumina refinery will be built using an advanced, sustainable refining process to develop a stable and cost-effective supply chain of ore to VALCO while reducing dependence on imported raw materials.
Regarding power supply, Mr Kamara noted ASG would explore innovative technologies and alternative energy sources within Ghana's energy mix to guarantee a reliable power supply for smooth operations.
During the investor engagement session, ASG was also represented by David Woodall, Group Operating Director; Wayne Apted, Chief Financial Officer; and Quinton Charaud, a member of the Finance Team.
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