VALCO returns to profitability with $1.4m positive EBITDA in first nine months of 2026

The Volta Aluminium Company Limited (VALCO) has recorded a positive Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of $1.4 million for the first nine months of 2026, reversing a $13.08 million negative EBITDA recorded during the same period last year.

The financial recovery, covering the period ending September 30, 2026, was supported by increased revenue, value-added aluminium manufacturing and changes to the company's production shift system.

VALCO's revenue rose by 13 per cent to $103.85 million, compared with $91.78 million recorded between January and September 2025.

The company's Chief Executive Officer, Dr Robert Makila Sambian, announced the figures on November 3, 2026, during the Progress Series organised by the Ministry of Lands and Natural Resources to highlight developments in Ghana's industrial sector.

Dr Sambian attributed the improved performance partly to the commercial operation of VALCO's first value-addition production line, the Continuous Casting and Rolling (CCR) Electrical Grade Rod Mill.

The facility processes primary liquid aluminium into high-grade electrical rods for domestic industrial use and export to European markets.

He said the move into downstream manufacturing was helping the company move beyond the export of primary aluminium while supporting local industrial production and generating foreign exchange.

"VALCO is no longer merely an exporter of primary metal; we are supplying high-grade electrical rods to power Ghana's domestic infrastructure while fulfilling export orders for European markets. This commercial strategy strengthens our foreign exchange earnings and underpins our financial recovery," he said.

To maintain round-the-clock operations at the CCR facility, VALCO introduced a 1:4:4 shift system, under which four workers are assigned to each operational role across four rotating shifts.

Dr Sambian said the arrangement was designed to maintain uninterrupted production, increase output and reduce worker fatigue.

"The 1:4:4 shift system is an important operational model that underpins our operational continuity and financial performance. Operating a continuous casting process requires non-stop precision," he said.

He added that the arrangement was also creating opportunities for additional employment.

VALCO's workforce increased from 785 employees in December 2025 to 848 by October 2026.

The company projects that the restoration of its full potline capacity, alongside downstream manufacturing expansion, could increase direct employment to 1,500 while sustaining more than 6,000 indirect jobs nationwide.

Dr Sambian said VALCO had also undertaken a retooling programme to strengthen plant operations and support increased production.

The company acquired 16 lift trucks, two payloaders, two melting furnaces, a centrifuge system, mobile crushing equipment, cranes and natural gas piping infrastructure.

It also secured 5,000 metric tonnes of imported carbon anodes to support the expansion of its reduction cells towards a target of 150 units.

VALCO said it was on track to close October with 98 active reduction cells, following efforts to stabilise plant operations.

The company expects further improvements in production capacity and employment as it progresses with the restoration of its potlines and expansion of downstream manufacturing.