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President John Dramani Mahama says the government is taking steps to revive the Volta Aluminium Company Limited (VALCO) as part of efforts to restore Tema’s status as Ghana’s industrial hub.
The President made the announcement during a working tour of selected industrial facilities in Tema, including Nestlé Ghana Ltd, Three Dreamers Manufacturing Company and Kasapreko PLC.
He expressed optimism about the renewed industrial activity in the Tema industrial enclave, citing developments in the port, the return of the Tema Oil Refinery (TOR) to operations and ongoing efforts to revive VALCO as evidence of the area’s gradual industrial resurgence.
“The ports of Tema have expanded. Tema Oil Refinery is back at work again. We’re working on reviving VALCO. The industrial enclave is progressing, and many industries like Nestlé existing in the Tema enclave are expanding their production,” President Mahama said.
At Nestlé Ghana, the President commissioned an expanded evaporated milk production line that has increased the company’s annual production capacity from about 12,960 tonnes to nearly 30,000 tonnes.
According to President Mahama, the investment demonstrates growing confidence in Ghana’s economy and aligns with the government’s 24-Hour Economy agenda, which seeks to stimulate increased production and industrial activity.
He said the government’s industrialisation strategy was not limited to establishing and expanding factories, but also required investment in critical infrastructure and support systems.
He identified reliable roads, efficient ports, dependable energy supply, access to financing and effective logistics as essential to enabling businesses to produce competitively and expand their exports.
President Mahama also urged businesses operating in Ghana to take greater advantage of the African Continental Free Trade Area (AfCFTA) by expanding into markets across the continent.
He said Ghana must increase domestic production to meet local demand while also strengthening its capacity to export goods to other African markets.
As part of the broader industrialisation drive, government has also commenced work on the 120-hectare Tema Integrated Industrial Park, located near VALCO and the Port of Tema. The project is intended to support manufacturing, aluminium processing and export-oriented industrial production.
The planned revival of VALCO forms part of the government’s broader aluminium industrialisation strategy, with efforts focused on increasing the company’s operating capacity and promoting greater value addition within Ghana’s aluminium industry.