The plan will be put before the Cabinet for approval in the coming weeks, the sector minister, Mr Samuel Abu Jinapor, has said.

The plan is intended to pave the way for the Ghana Integrated Aluminium Development Corporation (GIADEC) to contract a strategic investor to inject about $700 million into retrofitting and deploying modern technology to bring the company back to winning ways.

"In the course of this week, the heads of VALCO and GIADEC will have a meeting with me for us to begin putting finishing touches to the framework, and have a firm conclusion on how we will approach it. This is not a matter we can delay on; it is a matter that will be treated with utmost urgency," he stressed.

Mr Jinapor said this yesterday during a working visit to VALCO to ascertain the state of the company.

He was accompanied by the Chief Executive Officer (CEO) of GIADEC, Mr Michael Ansah, and other officials of the ministry.

VALCO has the capacity to produce 200,000 tonnes of fine aluminium per annum, but the company currently produces 50,000 tonnes over the period.

Experts believe that retrofitting the company would revamp its operations and take the production capacity to 300,000 tonnes per annum.

Projects

Mr Jinapor said the retrofitting or modernisation of VALCO's equipment was part of four-pronged projects being executed by GIADEC to build a robust iron and aluminium industry for sustainable development.

The projects are the expansion of an existing mine at Awaso with a refinery; development of two mines at Nyinahin-Mpasaaso and a refinery solution; development of a mine at Kyebi; as well as the retooling, modernisation and expansion of the VALCO smelter to improve efficiency and increase capacity.

The minister said the VALCO revamping project would involve upgrading the equipment that had been used since the 1960s to modern and efficient technology.

"It is not possible to industrialise without a robust aluminium industry capable of supporting industrial activities. This is why VALCO needs to be prioritised," he said.

Mr Jinapor commended the management of GIADEC and VALCO for taking steps to breathe a new lease of life into the company over the last two years.

GIADEC progress

Mr Ansah said the four projects being undertaken by GIADEC at various levels would require $6 billion to execute.

Touching specifically on the VALCO project, he said the $3 million investment the government put in the company recently had helped it to pick up steadily.

He said high operational cost, especially cost of power, was a major challenge for the company.