The Industrial and Commercial Workers’ Union (ICU), Ghana, has called on President John Dramani Mahama to recapitalise distressed state-owned enterprises, saying their revival could create sustainable employment for thousands of young people and accelerate the country’s industrial development.
The appeal was made in a resolution adopted at the union’s 65th Regular National Executive Council (NEC) meeting last Friday. It was signed on behalf of the National Executive Council by National Chairman Al-Haji Nuru-Deen Al-Hassan and General Secretary Morgan Ayawine.
Representatives from all 16 regions took part in the meeting, which highlighted the prolonged unemployment facing many graduates. The ICU said people who had completed university, tertiary education and skills-training programmes had remained without work for between five and 10 years, despite holding relevant qualifications.
The union argued that state enterprises with strong productive potential could be restored through recapitalisation and targeted government policy. It said such action would generate jobs, stimulate industrial expansion and support Ghana’s wider socio-economic development.
A central part of the resolution was an appeal for the government to abandon plans to sell a 70% equity stake in Volta Aluminium Company Limited (VALCO) to a private investor.
The ICU said it had already held a peaceful demonstration and submitted a petition opposing the proposed transaction. It maintained that VALCO was a strategic national asset and should remain under national ownership.
“Knowing Your Excellency as a listening President who places premium value on the indigenisation and strategic ownership of key national assets, we respectfully urge you to give favourable consideration to our appeal and ensure that VALCO retains its proud status as a strategic national asset for the benefit of present and future generations of Ghanaians,” the resolution read.
The union also praised President Mahama for acting on an earlier appeal concerning PBC PLC, formerly known as Produce Buying Company Limited. It said the President had initiated measures through the Ministry for Labour, Jobs and Employment to revitalise the company.
The ICU expressed hope that the process would be accelerated, allowing PBC PLC to return to full operational capacity and resume its contribution to Ghana’s national economy.
Firms identified for urgent support
The resolution listed several other state-owned companies that the union believes require immediate financial and operational assistance.
Aluworks Limited was identified as having remained dormant since June 2022. The ICU also pointed to Neoplan Ghana Limited, where the manufacturing plant is idle despite Ghana continuing to import buses.
Akosombo Industrial Company Limited was described as having suffered decline as imports of foreign textile prints have increased. The union said Volta Star Textiles Limited should also be brought back into operation to strengthen domestic manufacturing and reduce reliance on imported raw materials.
According to the ICU, recapitalising the companies would restore industrial output, provide long-term employment, reduce dependence on imports, conserve foreign exchange and reinforce the national economy.
It urged the President to use the authority of his office to support the companies’ revival and ensure they operate sustainably.
“Their revival will not only create meaningful employment opportunities for thousands of Ghanaians but will also promote industrialisation, enhance local production, conserve scarce foreign exchange, and contribute significantly to the socio-economic transformation of our nation,” the resolution stated.
