Ghana: Volta River Authority Returns to Profitability, Posts GH¢88.04 Million Net Profit In 2025 After GH¢105.75 Million Net Loss In 2024.

Ghana’s state-owned Volta River Authority (VRA), the country’s largest power producer, returned to profitability in 2025, recording a net profit of 88.04 million Ghana cedis ($7.7 million), compared with a net loss of 105.75 million cedis in 2024.

The recovery was driven mainly by the appreciation of the Ghana cedi, which reduced the cost of servicing the authority’s foreign-currency-denominated debt, VRA Board Chairman Jabesh Amissah-Arthur said in the company’s 2025 financial statements.

Revenue from electricity sales fell 0.54% to 9.99 billion cedis in 2025 from 10.05 billion cedis a year earlier, a decline of 54.56 million cedis.

Amissah-Arthur said the reduction was mainly due to a 7% decline in electricity sales volumes, which fell by 996 gigawatt-hours (GWh) to 12,926 GWh from 13,922 GWh in 2024.

Electricity sales to the Electricity Company of Ghana (ECG), the authority’s main regulated-market customer, fell 21%, or 1,399 GWh, to 5,319 GWh from 6,718 GWh in 2024.

Sales to deregulated customers also declined, partly due to the appreciation of the cedi against the U.S. dollar, Amissah-Arthur said.

The authority maintained a stable liquidity position, with current assets exceeding current liabilities by 4.31 billion cedis, he said.

On its capital projects, Amissah-Arthur said construction of the Anwomaso Phase II project had reached 85% completion by the end of 2025.

The authority is also repowering the T3 power plant, a project expected to restore 132 megawatts (MW) of installed capacity to the national grid.

VRA also commenced construction of the 16.5 MWp Pwalugu Solar Power Project, which had reached 85.5% completion by the end of 2025, and began procurement for the 30 MWp Akuse Floating Solar Project.

Amissah-Arthur said VRA remained focused on strengthening its financial sustainability and operational resilience.

Looking ahead to 2026, the authority projects total electricity generation of 13,044 GWh and a net profit of 187 million cedis.

“Management will continue to optimise the asset portfolio, expand renewable energy investments, and improve operational efficiency through digital systems, including the Oracle Fusion Cloud platform,” he said.