The Volta River Authority (VRA) has warned that payment delays, inter-utility debt and revenue shortfalls are putting pressure on its liquidity, despite recording GH¢8.9 billion in electricity revenue in 2025.
VRA Chief Executive, Ing. Edward Obeng Kenzo, said the financial pressures were affecting the Authority’s operations and its ability to implement planned projects.
He disclosed this during VRA’s annual stakeholder engagement on the Authority’s financial and operational performance for 2025.
According to the Authority’s report, electricity revenue fell by about 4%, from GH¢9.291 billion in 2024 to GH¢8.947 billion in 2025, while cost of sales increased by the same margin to GH¢7.814 billion.
VRA’s net profit subsequently declined from GH¢106 million in 2024 to GH¢88 million in 2025.
The Authority, however, recorded an improvement in its foreign exchange position, moving from an exchange loss of GH¢695 million in 2024 to an exchange gain of GH¢237 million in 2025. Financial expenses also fell by 24% to GH¢194 million, although administrative costs rose by about 14% to GH¢1.384 billion.
Generation Performance
VRA remained a major contributor to Ghana’s electricity supply, accounting for 48% of total sector generation in 2025.
The Authority generated 12,978 GWh, compared with 14,045 GWh from Independent Power Producers.
Hydropower accounted for 57% of Ghana’s generation mix, thermal power 42%, and solar less than 1%.
Despite the liquidity constraints, VRA is pursuing additional generation capacity, including the 100MW Anwomaso Phase II, 132MW T3 Repowering Project and 30MWp Akuse Floating Solar Project.
The Authority also identified difficulties in securing project financing, alongside lengthy procurement and approval processes, as challenges affecting project delivery.