Bui Power Authority has announced a net profit of $45.5 million for the 2024 financial year, surpassing its target of $33.6 million. The Authority achieved a total generation of 1,343 gigawatt hours, exceeding its goal by one percent, while maintaining a plant availability rate of 93 percent and reliability of 99.07 percent. Acting CEO Kow Eduakwa Sam presented these figures at the Authority’s 2025 Annual General Meeting in Accra.
Despite the positive financial results, the Authority faces significant cash flow challenges, with accounts receivable rising to over $860 million due to delays in payments from key customers. Mr. Sam emphasized that while sales reached $1.2 billion, only $377 million was collected, posing potential sustainability threats.
On the renewable energy front, progress was reported on several projects, including a 100 megawatt solar PV project, with three percent of the contract completed. The Authority anticipates completing all ongoing solar projects by the end of 2025 and plans to develop an additional 300 to 500 megawatts of solar capacity by 2026.
Deputy Minister Richard Gyan-Mensah praised the Authority’s renewable energy efforts but urged a broader focus beyond solar, highlighting the importance of hydropower, wind, and waste-to-energy projects. He noted ongoing feasibility studies for new hydropower projects to diversify Ghana’s energy mix. Additionally, he indicated that the Ministry is reviewing power purchase agreements to ensure competitive tariffs and address liquidity constraints faced by Bui Power.
The State Interests and Governance Authority (SIGA) challenged Bui Power to start paying dividends to the government by the end of 2025, reinforcing the need for compliance with statutory financial obligations.