Chief Executive Office of the Volta River Authority, Emmanuel Antwi-Darkwa, has announced that the company has, for the first time in nine years, made a GHC 156 million profit.
This comes on the back of GHC 127 million cedis losses the company made in the previous fiscal year.
This long trajectory of losses has been attributed to several issues ranging, from managerial to operational.
The feat is attributed to a recovery plan, which was introduced in 2017.
Speaking at VRA’s 11th stakeholder engagement in Accra, Mr. Antwi-Darkwa touted the impressive financial performance of the country’s largest power generation company in 2020, amidst COVID-19.
‘’Last year’s profit brings to an end a streak of losses in the last nine years and was achieved through reduction in cost, leveraging technology and an aggressive export strategy,’’ he stated.
Among others, the move saw the exportation of Power to Burkina Faso, Benin and Togo, raking in 156million in profit.
To consolidate it gains, Mr. Antwi-Darkwa said the Authority is looking to vary and expand its operations and generation sources and sees clean, cost-efficient, diversified sources of energy like solar, wind and biomass as the future in the energy space.