The Bui Power Authority, the state-owned second-largest power generation company, recorded a net profit of $64.5 million (equivalent to GH¢732 million) in 2024, despite global and domestic economic challenges. However, this profit was lower than the $80.6 million recorded in the previous year.
In the 2024 fiscal year, the company generated 1,348 GWh of power and recorded a revenue of $139.68 million, down from $157.11 million in 2023.
The reduction in revenue for the fiscal year under review, according to the authority, was mainly due to reduced power generation resulting from lower inflows into the dam reservoir.
The company’s asset value grew from $1.64 billion in 2023 to $1.87 billion in 2024, while its total equity and liabilities increased to $1.88 billion in 2024, up from $1.64 billion in 2023.
In a speech read on his behalf at the Annual General Meeting of Bui Power Authority in Accra on Friday, Board Chairman Ambassador Kwadwo Nyamekye-Marfo noted that the company’s generating facilities were overall remarkable despite challenges.
According to him, BPA faced significant liquidity challenges stemming from substantial outstanding debt owed by its primary offtaker, the Electricity Company of Ghana.
He stated that this severely constrained its ability to procure essential spare parts, undertake planned capital projects, and service loans associated with its hydroelectric project.
In addition to the debt, the company was also confronted with environmental issues, including illegal mining, bush burning, and farming practices along the Bui reservoir.
Ambassador Kwadwo Nyamekye-Marfo commended the immediate past board, management, and staff of BPA for their relentless efforts, unwavering commitment, and professionalism in advancing the Authority’s mission and vision.
Source: https://energynewsafrica.com
Discover more from Energy News Africa
Subscribe to get the latest posts sent to your email.