Ibrahim Mahama dismisses VALCO takeover claims and vows legal action
Businessman Ibrahim Mahama has publicly dismissed reports linking him to a proposed takeover of the Volta Aluminum Company, VALCO, describing the allegations as false, malicious, and intended to damage his reputation.
The denial comes after weeks of speculation on social media and protests by some VALCO workers who claimed a private firm was seeking to acquire the state-owned aluminum smelter. During the demonstration, some protesters alleged that Mr. Mahama, brother of President John Dramani Mahama, was behind the bid through a Special Purpose Vehicle.
Responding to the claims, Mr. Mahama said through a statement issued by his Special Aide, he categorically rejected any interest in purchasing VALCO. He stated that he has never expressed interest in acquiring the company and has not submitted any proposal to government regarding a sale.
“I am not seeking to acquire VALCO. These allegations are false and are being circulated to create unnecessary tension and to tarnish my name,” the statement noted. Mr. Mahama further indicated that he has instructed his lawyers to take legal action against persons and groups spreading what he termed defamatory claims.
VALCO, located in Tema, has been at the center of discussions about strategic investment as the government seeks a partner to revive operations and make the plant more viable. Management of the company has previously expressed support for bringing in a strategic investor but has distanced itself from the protests and specific claims linking political figures to the process.
The controversy has sparked debate about transparency in the proposed sale of state assets. Labor groups have called for broader stakeholder engagement before any decision is made, while government officials have urged calm and assured workers that due process will be followed.
Mr. Mahama, who is known for investments in agriculture, mining support services, and manufacturing, said he remains focused on growing existing businesses and contributing to job creation in Ghana. He urged the public to disregard what he called politically motivated attempts to drag his name into the VALCO matter.
Government is yet to announce a preferred bidder or timeline for the VALCO transaction.
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