The Volta Aluminium Company Limited (VALCO) management claims that following a series of conversations facilitated by their union executives, employees initially requested a 62% compensation increase from the management but then decreased that demand to 55%.
The management of VALCO responded by offering to increase workers’ salaries by 22% with the promise of future raises as long as VALCO is successful in finding a strategic investor to upgrade the factory.
The management urged the employees to take into account the current state of the aluminum smelter, which had been losing money for many years until 2021 when prudent management and improved supervision led to some small gains and EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) profits.
They continued by saying that they hoped to build on this by retrofitting and modernizing the plant to increase efficiency and capacity.
“Management of VALCO further indicated to the workers union executives that they will on November 1, 2022, finalise a communiqué for submission to the National Labour Commission (NLC) for independent third-party adjudication in accordance with law after negotiations between Management and the workers ended up in a stalemate.
“However, the workers would have none of this and on October 31, 2022, embarked on a full-blown takeover of the Smelter, insisting they would not allow the Executive Management into the Plant.”
On Tuesday, November 1, the workers protested in support of the expulsion of retirees who are still holding key positions inside the business.
Source: Mybrytnewsroom.com/Joseph Asare