VRA’s profit making trend amazing - Dormaa East MP Lauds CEO

The Member of Parliament for Dormaa East who is also a member of the Mines and Energy Committee in Parliament has lauded the Chief Executive Officer of the Volta River Authority, (VRA) Engineer Emmanuel Antwi-Darkwa and his management team for placing the state owned energy firm on a profit making path.

According to him, VRA recorded a profit of ¢110.893 million in 2022, based on Auditor General’s 2022 Report. In 2021, the Authority registered a profit of ¢112.758 million.

According to the 2022 Auditor General Report, total income increased by 34% to ¢5.628 billion in 2022, from ¢4.199 million in 2021. The increase in total income was due to a 38.7% increase in revenue from power sales.

Current Assets of VRA also increased by 36.1% from ¢8.631 billion in 2021 to ¢11.751 billion in 2022 due to an increase in trade and other receivables. Similarly, Current Liabilities recorded an increase of 26.2% from ¢6.861 billion in 2021 to ¢8.659 billion in 2022. This was due to an increase in trade payables from ¢6.404 billion in 2021 to ¢8.363 billion in 2022.

“It is quite remarkable that we are seeing state agencies like VRA well positioned to make a profit, an indication of good and quality leadership at the helm of affairs. This is an indication that when you put good leaders in strategic positions they deliver and that is what we are seeing today. I want to assure them that the energy committee in parliament has seen the wonderful performance of the CEO and his management team and parliament will continue to assist in whatever way to keep VRA on the path to success.”

Paul Twum Barimah indicated that VRA moved from a loss-making institution between 2012 and 2016 where it became highly indebted to the tune of GHC1, 320 million Ghana cedis to become a resilient, sustainable, and growing multi-business holding company. Paul Twum Barimah also commended the CEO for winning the Energy Personality of the Year award for three consecutive years.

Ing. Emmanuel Antwi-Darkwa was adjudged Energy Personality of the Year for 2022 at the 6th Edition of the Ghana Energy Awards in November 2022. He won the prestigious award in 2018 and 2021.

A Civil Engineer by profession, Ing Antwi-Darkwa commenced his career with the VRA in 1985 and served in various capacities until he was appointed as Chief Executive Officer in 2017 by President Akufo-Addo.

With over 30 years of extensive experience in the energy industry, Ing Antwi-Darkwa has, among others, detailed knowledge of the functional and regulatory influences in Ghana’s energy sector, and the dynamics of international power systems development.