Stakeholders in the energy sector have lauded the Volta River Authority’s impressive operational performance for the past five years, which resulted in a net profit of GH112.76 million.
It is the second successive year of posting profit.
The figure was announced at a stakeholder forum, an annual event, that gives VRA the opportunity to share its previous year’s operational performance and business activities with its stakeholders and also seek their feedback.
This was in a statement from the Communication Unit of VRA and copied to the Ghana News Agency in Accra.
Presenting the success story to the stakeholders, Mr. Kofi Tutu Agyare, the Board Chairman, attributed the achievement to the VRA’s Financial Recovery Programme and a Sustainability Plan instituted to reduce the cost of operations, improve revenues, and ensure reliable and efficient generation.
He noted that despite the challenges posed by the COVID-19 pandemic, the effective leadership of the board and the management team, coupled with the commitment of the staff, had significantly ensured VRA’s strong position.
Representatives from the Ministries of Energy and Finance, the State Interest and Governance Authority, the Public Utilities Regulatory Commission, the Electricity Company of Ghana, the Select Committee on Mines and Energy of Parliament and others commended the VRA for the significant turnaround in its operations.
They recognized the efforts of the Board, the Chief Executive, management, and staff in managing a public-sector organization to rise from heavy losses in 2015 and 2016 to posting profits in 2020 and 2021.
Mr Samuel Atta Akyea, Chairman of the Parliamentary Select Committee on Mines and Energy, said, “A state institution moving from a negative to a positive deserves a standing ovation. VRA, you have done very well! You deserve applause. ”
The Authority this year increased its generation footprint with the coming on stream of the 13MWp Kaleo Solar PV Power Plant in the Upper West Region.
By 2025, it hopes to increase its renewable footprint to 200 MW.
Renewable projects soon to be rolled out include a 60MW Bongo Solar Power project in the Upper West Region and a 75MW Wind Power Project at Anloga in the Volta Region.
Meanwhile, the Authority is 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 operationalize its 132MW T3 Power Plant in Aboadze within the 2023 to 2024 time-frame.
Two of its Simple Cycle Power Plants in Tema and Kpone in Accra will also be converted into Combined Cycle Plants for generation efficiency.