A former District Chief Executive (DCE) for Ahafo Ano South East,  has expressed opposition to any possible move by businessman Ibrahim Mahama to acquire the Volta Aluminium Company Limited (VALCO), insisting that the state-owned aluminium company should not be transferred to him.

According to the former DCE, the country must be cautious about allowing certain individuals to take control of strategic state assets, even if they have the financial capacity to purchase them.

“We won’t allow Ibrahim Mahama to take over VALCO even if he has the capacity to buy, just as the NDC did to some NPP businessmen years ago,” he stated on Oyerepa Breakfast Show.

His comments come amid ongoing discussions over plans by the government to attract a strategic investor to inject capital into VALCO to support its rehabilitation, modernisation and expansion.

The Chief Executive Officer of the Ghana Integrated Aluminium Development Corporation (GIADEC), Reindorf Twumasi Ankrah, recently disclosed that several investors have expressed interest in partnering with the government to transform VALCO, with some proposals seeking up to a 70 per cent stake in the company.

However, no final agreement has been reached, as negotiations with the preferred investor are yet to begin.

Meanwhile, Ibrahim Mahama has denied claims that he is seeking to take over VALCO, describing the reports as false.

The businessman, who is the founder and Chief Executive Officer of Engineers & Planners, said he has no intention of acquiring the state-owned aluminium producer and rejected suggestions linking him to the process.

He has also indicated his readiness to take legal action against individuals or groups responsible for spreading what he considers misleading information about his alleged interest in VALCO.

VALCO, which plays a key role in Ghana’s integrated aluminium industry, is currently undergoing efforts aimed at securing investment to improve its operations, increase production capacity and make it more competitive.

The debate over the future of the company continues to attract public attention, with stakeholders calling for transparency and fairness in any arrangement involving the strategic national asset.