Government yesterday bought over the final ten per cent (10%) shares of the Volta Aluminum Company (VALCO) from ALCOA to become the sole shareholder of the Flagship Industrial Company set up by Ghana Government and Kaiser of USA in the immediate post independence era.

The transfer of the shares to Ghana Government was done here in the Castle at a short ceremony during which the Director-General of ALCOA, Jens Kallmeyer presented the share certificate to Mr. Kwadwo Baah-Wiredu, Minister for Finance and Economic Planning.

Mr. Baah-Wiredu in turn presented a Banker’s Advice for an amount of Two Million Dollars (U$2.0m) being the total cost of the Four Hundred and Twenty-Eight Thousand Ordinary Shares to Mr. Jen Kallmeyer.

Present at the ceremony were the Mrs. Mary Chinery-Hesse, Chief Advisor to President Kufuor, the Attorney-General and Minister for Justice, Hon. Joe Ghartey and Dr. Charles Mensah, Chief Executive Officer of VALCO

At its meeting held on Tuesday June 17, 2008, Cabinet considered the offer from ALCOA to sell its ten per cent (10%) shares in VALCO and decided to purchase the shares to add to the 90% shares Government of Ghana already had.

The Government has proposed a concept of an integrated Aluminum industry in which the country’s bauxite will be mined, refined and processed to near-end or end products here in Ghana .

The concept is also linked to the Railway system in Ghana which depends largely on the transport of bauxite for sustainability.

signed

ANDREW AWUNI

PRESS SECRETARY TO THE PRESIDENT &

PRESIDENTIAL SPOKESPERSON