After six years of losses, the Volta River Authority (VRA) has effectively reversed the company’s fortunes, posting a profit of GHC112.76 million in 2021, with management ready to maintain the pace.
The largest electricity generator in the nation, VRA, has generated a profit for the past two years in a row, with a net profit of GHC156 million in 2020.
At a stakeholder interface in Accra, VRA board chairman Kofi Tutu Agyare presented last year’s performance to stakeholders, including representatives from the Ministries of Energy and Finance, State Interest and Governance Authority (SIGA), the Public Utilities Regulatory Commission (PURC), Electricity Company of Ghana, and the Select Committee on Mines and Energy of Parliament. He credited the achievement to VRA’s Financial Recovery Programme (FRP) and a sustained effort.
The COVID-19 pandemic and other issues in the energy sector have presented challenges, he said, but these initiatives, along with cost-cutting measures, technology, and an aggressive export strategy, as well as the board’s and management team’s effective leadership and the staff’s dedication, have significantly contributed to VRA’s current strong position.
The stakeholders praised VRA for the major turnaround in its operations, adding that such efforts in the public sector are uncommonly made by the board, the chief executive, management, and workers.
“A standing ovation is due when a governmental institution transforms from bad to good.
VRA, you did a great job!
Samuel Atta Akyea, the head of the Parliamentary Select Committee on Mines and Energy, gave the audience a standing ovation.
With the 13MWp Kaleo Solar PV Power Plant becoming online in the Upper West Region, the Authority extended its generation footprints in an effort to diversify and grow its activities.
VRA aims to reach a 200MW renewable footprint by 2025.
A 75MW wind power project at Anloga in the Volta Region and a 60MW solar power project at Bongo in the Upper East Region are two of the renewable energy projects that will soon be implemented.
Along with moving the 250 MW AMERI Plant from the VRA Aboadze Power Station to Kumasi in the Ashanti Region, the Authority is also collaborating with the Ministry of Energy to renovate its 132 MW T3 Power Plant at Aboadze between 2023 and 2024.
In order to increase generation efficiency, two of its simple cycle power facilities in Tema and Kpone in Accra will also be upgraded into combined cycle plants.