Collins Sefa The Bui Power Authority (BPA) has reported a net profit of $64.5 million for 2024, almost double its projected target of $33.6 million.
Board Chairperson Kwadwo Nyamekye-Marfo, in a statement delivered on his behalf by Yao Gomado, MP for Akan and board member, attributed the performance to strict cost controls, prudent working capital management, and savings from unspent budget items.
He explained that the strong results reflected a 92% positive variance, supported by the depreciation of the cedi against the dollar, which boosted earnings.
Financial Highlights
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Revenue: $139.7 million (slightly above the $139.5m target)
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Profit Margin: 46.2% (vs projected 24.1%)
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Net Worth: $765.2 million in 2024 (up 9.2% from $700.8m in 2023)
Despite this progress, the Authority continues to face liquidity challenges due to debts owed by its main off-taker, the Electricity Company of Ghana (ECG). The situation has limited spare parts procurement, delayed capital projects, and constrained loan repayments. BPA also highlighted environmental risks, including illegal mining and bushfires around the Bui reservoir.
Strong Operational Output
Acting CEO Kow Eduakwa Sam disclosed that BPA generated 1,352 gigawatt-hours (GWh) of electricity in 2024, surpassing its 1,333 GWh target. Out of this, 1,348 GWh was supplied to the National Interconnected Transmission System (NITS):
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Bui Hydro Plant: 94.4%
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Bui Solar PV Plant: 5.6%
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Tsatsadu Micro Hydro Plant: small contribution
On infrastructure, BPA made progress on its renewable agenda, completing 62% of its 100MWp Solar PV project at Bui, backed by a 15MWh Battery Energy Storage System. Feasibility studies have also begun on potential run-of-river projects along the Tano, Pra, and Ankobra rivers, with lands secured in northern Ghana for future solar developments.
Push for Diversification
Deputy Minister of Energy and Green Transition, Richard Gyan-Mensah, praised BPA’s achievements but called for diversification into mini-hydro, wind, and waste-to-energy solutions. He stressed that solar tariffs must remain competitive and pledged government backing to ensure financial prudence, innovation, and sustainability in Ghana’s green transition.
From the State Interests and Governance Authority (SIGA), Millicent Atuguba applauded BPA for maintaining profitability and good governance despite liquidity issues. She urged the Authority to improve efficiency, pay dividends by 2025, and fully comply with statutory obligations to support fiscal sustainability.
