By: Karen Aryeetey
The Volta River Authority (VRA) recorded a 17.9 percent increase in revenue from electricity sales for the 2024 financial year, rising to 10 billion dollars from 8.5 billion dollars in 2023.
However, despite this strong performance, the Authority ended the year with a financial loss, attributed to net exchange loss, reduced high-value electricity exports, and rising operational costs.
Despite depleted water levels at Akosombo, hydro generation still provided 62 percent of total output.
Exchange losses surged to nearly 700 million cedis as cedi depreciation inflated the cost of imported fuel and spare parts, which mainly accounted for the losses the Authority faced in 2024.
The Authority’s 2024 performance report showed that delayed payments from major off-takers like ECG and NEDCo continue to strain cash flow.
Speaking at the Authority’s 15th Stakeholders’ Interface in Accra, Chief Executive of VRA, Edward Obeng-Kenzo, reaffirmed the Authority’s commitment to resilience and competitiveness, cautioning that without strong stakeholder support, its long-term mandate could be at risk.
He said, “For the Authority to survive, it’s either we beat the competition or we stay ahead of the competition, and that is the strategy we intend to use going forward. All that we need is endurance. The stakeholders, government, and the people of Ghana should support us to achieve this mandate. If we fall short of any of these, the Authority cannot survive.”
The Board Chairman of VRA, Jabesh Amissah-Arthur, assured stakeholders that the Authority remains committed to meeting expectations and delivering competitive returns, while strategically leveraging business opportunities to create sustainable value.
He said, “We will optimize our diverse asset portfolio and pursue growth opportunities that add value. VRA is committed to re-establishing itself as the market leader to achieve higher margins while providing reliable power at competitive prices to support Ghana’s socio-economic development and the growth of sister countries that depend on us for electricity. We will prioritize sustainability, community development, and environmental stewardship, ensuring that our operations benefit both our stakeholders and the environment at large.”
Deputy Minister for Energy and Green Transition, Richard Gyan-Mensah, said, “The Ministry is looking at making sure that just as priorities are given to the IPPs, the state agencies are also equally given the needed attention and the needed share of the Cash Waterfall Mechanism. We are also ensuring that there will be much in the basket to be distributed for everyone to get their fair share.”
