The Volta River Authority (VRA) recorded a net profit of GH?112.76 million last year, the Board Chairman of the Authority, Mr Kofi Tutu Agyare, has disclosed.
At the VRA Stakeholder interface in Accra last Thursday, he said, the second successive year of posting profit was despite the challenges posed by the COVID-19 pandemic and other difficulties in the energy sector.
The annual event gives VRA the opportunity to share its previous year’s operational performance and business activities with stakeholders and also seek their feedback.
It was attended by representatives from stakeholder institutions, including the Ministries of Energy and Finance, the State Interest and Governance Authority (SIGA), the Public Utilities Regulatory Commission (PURC), the Electricity Company of Ghana, Select Committee on Mines and Energy of Parliament.
Mr Agyare attributed the achievement to the VRA’s Financial Recovery Programme (FRP) and a Sustainability Plan instituted to significantly reduce the cost of operations, improve revenues and ensure reliable and efficient generation.
He noted that the effective leadership of the Board and the Management team coupled with the commitment of the staff, significantly ensured the strong position VRA found itself irrespective of COVID-19 and energy sector challenges.
Aside from the profit, Mr Agyaresaid, the Authority this year increased its generation footprints with the coming on stream of the 13MWp Kaleo Solar PV Power Plant in the Upper West Region.
By 2025, he said, VRA planned to increase its renewable footprint to 200 MegaWatts (MW) with renewable projects soon to be rolled out including a 60MW Bongo Solar Power project in the Upper West Region and a 75MW Wind Power Project at Anloga in the Volta Region.
He said the Authority was also working with the Ministry of Energy to relocate the 250MW Ameri Plant from the VRA Aboadze Power Station to Kumasi in the Ashanti Region and also rehabilitate and operationalise its 132MW T3 Power Plant in Aboadze within the 2023 to 2024 time-frame.
According to Mr Agyare, two of VRA’s Simple Cycle Power Plants in Tema and Kpone in Accra would also be converted into Combined Cycle Plants for generation efficiency.
The Stakeholders lauded the company’s impressive operational performance for the past five years, which has resulted in a significant turnaround in its fortunes.
They recognised the efforts of the Board, the Chief Executive, Management and Staff for managing a public sector organisation to rise from heavy losses in 2015 and 2016 to posting profits in 2020 and 2021.
“A state institution moving from a negative to positive deserves a standing ovation. VRA you have done very well! You deserve an applause,” said Samuel Atta Akyea, Chairman of the Parliamentary Select Committee on Mines and Energy.
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