The Bui Power Authority (BPA), Ghana’s state-owned hydropower producer, nearly doubled its profit target in 2024 despite a decline in revenue and mounting unpaid bills. Its financial statement showed a net profit of US$64.5 million, up 92 percent from its US$33.6 million target.
Total revenue, however, fell by 11.1 percent to US$139.7 million, mainly due to reduced water inflows that limited power generation. Even so, BPA’s net worth rose to US$765.2 million, compared to US$700.8 million in 2023.
The company generated 1,352 gigawatt-hours (GWh) of electricity, slightly above target, with 94.4 percent from the Bui Hydro Plant, 5.6 percent from its Solar PV facility, and the rest from Tsatsadu Micro Hydro.
Acting CEO Ing. Kow EduakwaSam credited a proactive maintenance regime for achieving a 93 percent plant availability and 99.07 percent reliability, ensuring efficiency and safety across operations.
Still, receivables surged to US$1.2 billion, exposing liquidity challenges worsened by arrears from the Electricity Company of Ghana (ECG), its main off-taker. These debts have constrained BPA’s ability to fund projects and procure spare parts.
Board Chairman Ambassador Kwadwo Nyamekye-Marfo further warned of environmental risks including illegal mining, unsustainable farming near the reservoir, and recurrent bushfires during the dry season.
The Ministry of Energy and Green Transition, represented by Deputy Minister Hon. Richard Gyan-Mensah, assured support, noting that government is renegotiating unsustainable solar tariffs and mandating competitive procurement for future power deals.
Meanwhile, SIGA’s Deputy Director-General, Millicent Atuguba, highlighted fluctuations in BPA’s performance index, urging management to improve efficiency and ensure dividend payments to government.
Looking ahead to 2025, BPA says it will consolidate operational efficiency, expand renewable generation, and accelerate its hydro-solar hybrid strategy to align with Ghana’s long-term energy objectives.