Ghana’s largest state power generation company, Volta River Authority (VRA), has recorded a profit of Gh112.76 million ($10,847,512) in 2021, making it the second time the company recorded gains in six years.
In 2020, the power producer recorded a net profit of Gh¢156 million ($15,007,200.00).
Board Chairman of VRA, Kofi Tutu Agyare, who revealed this at VRA stakeholder’s engagement in Accra, attributed the achievements to the company’s Financial Recovery Programme (FRP) and a Sustainability Plan.
He noted that despite challenges posed by the COVID-19 pandemic and other difficulties in the energy sector, these initiatives along with cost-reduction measures, technology and an aggressive export strategy, as well as the effective leadership of the board and the management team coupled with the commitment of staff, have significantly ensured the strong position VRA finds itself in.
The stakeholders commended VRA for the significant turnaround in its operations, noting that efforts of the board, the Chief Executive, management and staff in transforming the company, are rare in the public sector.
“A state institution moving from a negative to positive deserves a standing ovation. VRA, you have done very well! You deserve applause,” Samuel Atta Akyea, Chairman of the Parliamentary Select Committee on Mines and Energy, said as quoted by Business & Financial Times (B&FT).
In a bid to diversify and expand its operations, the Authority increased its energy generation footprints with the coming on-stream of the 13MWp Kaleo Solar PV Power Plant and 6.5MWp Solar PV plant in the Upper West Region.
By 2025, VRA hopes to increase its renewable footprint to 200MW.
Among the renewable projects soon to be rolled out are included a 60MW Bongo Solar Power project in the Upper East Region and a 75MW Wind Power Project at Anloga in the Volta Region.
Source: https://energynewsafrica.com
