THIS IS REFRESHING (AUGUST 3, 2010)

THERE is good news in the air. The Volta Aluminium Company (VALCO), which was shut down some two years ago due to power problems, is to bounce back.
According to Alhaji Inusah Fuseini, a Deputy Minister of Energy, stakeholders in the company had already met to consider critical issues and work out the technical details to bring the company back on stream.
Key among the issues, we are told, are whether or not the current level of electricity supply in the country can support VALCO, as well as the tariff regime to ensure that the company can make profit should it start operations.
There is no doubt that after nearly 40 years of combined operations in the country, VALCO continues to dominate industrial, as well as private, sector aspirations.
We recall that when the Trade and Industry Minister, Ms Hannah Tetteh, appeared before Parliament a few months ago to respond to a question on the closure of VALCO, she hit the nail right on the head when she said, “A properly positioned VALCO holds a significant place in Ghana’s economic transformation agenda.”
But the DAILY GRAPHIC is particularly delighted that the re-opening of VALCO will bring the smiles back on the faces of the more than 500 workers of the company who, through no fault of theirs, had had to stay at home for the past two years due to inadequate supply of power.
VALCO’s history of shutdowns — the 11th since the establishment of the company in 1964 — is nothing to write home about. As we are aware, the smelting of alumina into aluminium consumes a huge amount of energy, for which reason attempts are made all over the world to undertake the process via hydroelectric power, as opposed to thermal.
It is, therefore, unfortunate that lack of rainfall had rendered the Volta River Authority (VRA) incapable of supplying the required amount of power to VALCO, resulting in the plant being temporarily shut down.
However, with the upcoming gas line to Ghana via Nigeria, Togo and Benin and the build up of water in the catchment area of the Akosombo Dam, things should turn out for the better in due course.
VALCO is a world-class entity with good corporate governance practices — engineering, management, occupational health and safety, medical facility, training, infrastructure, logistics, work ethics, quality assurance, discipline, security and performance measures.
Now that Ghana owns 90 per cent shares in the company, the DAILY GRAPHIC expects those who will be hired to maintain the high standards put in place and create an integrated aluminium industry in the country.
We also hope the new investors, the Russian giant, RUSAL, and ALCOA, will go back to the drawing board on the whole project and exploit the huge bauxite deposits in the Akyem area, not only to create employment for the people but also provide an economic backbone for the company.