Bui Power Authority has announced a net profit of 45.5 million dollars for the 2024 financial year, exceeding its target of 33.6 million dollars.
The authority also recorded a total generation of 1,343 gigawatt hours, which was one per cent above target, with its plants achieving 93 per cent availability and a starting reliability of 99.07 per cent.
The Acting Chief Executive Officer, Mr Kow Eduakwa Sam, said this at the Authority’s 2025 annual general meeting in Accra on Friday.
He said the authority’s network increased by 9.2 per cent over the previous year to reach 765.2 million dollars.
“Despite these achievements, the authority is grappling with a growing cash flow challenge, as accounts receivable rose to over 860 million dollars in 2024, up from 746 million dollars the previous year,” he said.
Mr Sam attributed this largely to delays in payments by key customers, which he cautioned could affect the authority’s ability to sustain operations if not addressed.
He explained that while sales amounted to 1.2 billion dollars, only 377 million were received.
He assured stakeholders that the authority is working closely with partners to ensure that receivables do not undermine its business.
On the renewable front, Mr Sam highlighted progress on major projects, including the 100 megawatt solar PV project, where three per cent of the contract has been executed, and a similar three per cent completion of the 50 megawatt solar PV project.
He added that by the close of 2025, the authority would complete all ongoing solar projects and by 2026 commence the development of between 300 and 500 megawatts of solar PV capacity with battery storage systems.
He said investment in health, education and the environment would also remain part of the authority’s priorities to ensure shared value creation.
The Deputy Minister for Energy and Green Transition, Richard Gyan-Mensah, commended the authority for its efforts in renewable energy but urged it not to focus solely on solar.
He stressed that hydro, wind and waste-to-energy projects offered opportunities that should not be overlooked.
According to him, renewable energy discussions in Ghana have been skewed towards solar, often discounting the contribution of hydropower.
He revealed that feasibility studies were ongoing for new run-of-the-river hydropower projects on the Tano, Pra and Cobra rivers to diversify Ghana’s renewable energy portfolio.
Mr Gyan-Mensah also raised concerns about the sustainability of tariffs from new solar plants, noting that some current rates were not affordable.
He disclosed that the ministry has set up a team to review power purchase agreements and negotiate more competitive tariffs to protect consumers while ensuring investor confidence.
He explained that future agreements would go through competitive procurement as required by new legislation, adding that the Ministry of Finance and SIGA are working with the Energy Ministry to address liquidity constraints faced by Bui Power Authority.
He urged the authority to pursue innovation, battery storage systems, research, local capacity building and green jobs to complement Ghana’s energy transition agenda.
The State Interests and Governance Authority (SIGA), represented by its General Manager of Operations, Millicent Atuguba, challenged Bui Power to begin paying dividends to the government of Ghana by the end of 2025.
She said this would mark a reset in the contribution of state-owned enterprises to non-tax revenue and national economic growth.
She reminded the board and management of their obligation to comply fully with the Public Financial Management Act, the SIGA Act and other statutory requirements, including the timely submission of financial statements.
BY AGNES OPOKU SARPONG
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