The Bui Power Authority (BPA) almost doubled its 2024 profit target, underscoring its financial resilience despite revenue shortfalls and mounting receivables that continue to strain operations.
According to its 2024 financial statement, BPA recorded a net profit of US$64.5 million, nearly twice its US$33.6 million target. This came even as revenue declined by 11.1 percent to US$139.7 million, largely due to reduced water inflows that constrained power generation.
The Authority’s net worth rose 9.2 percent to US$765.2 million, up from US$700.8 million in 2023. Receivables also climbed 12.3 percent to US$1.2 billion, highlighting liquidity challenges that continue to weigh on operations.
BPA generated 1,352 gigawatt-hours (GWh) of electricity in 2024, slightly above its planned 1,333 GWh, with 1,348 GWh supplied to the National Interconnected Transmission System (NITS). The Bui Hydro Plant contributed 94.4 percent of total output, the Solar PV Plant 5.6 percent, and the Tsatsadu Micro Hydro Plant the remainder.
Acting Chief Executive Officer Ing. Kow Eduakwa Sam attributed the strong performance to a proactive maintenance regime that ensured plant reliability and efficiency.
The strategy delivered a 93 percent Plant Availability Factor and 99.07 percent starting reliability. He added that BPA strengthened partnerships with both public and private actors to advance new infrastructure through Engineering, Procurement and Construction-Finance (EPC+F) models, positioning the Authority for long-term sustainability.
Looking ahead, Ing. Sam said BPA will consolidate operational efficiency, expand renewable generation, and diversify revenue streams.
“The coming year presents opportunities to build on our hydro-solar hybrid strategy, accelerate project development, and reinforce financial sustainability in line with national energy goals,” he noted.
Board Chairman Ambassador Kwadwo Nyamekye-Marfo praised the Authority’s progress but warned that outstanding debts owed by the Electricity Company of Ghana (ECG) remain a major challenge.
These arrears, he said, are constraining BPA’s ability to procure critical spare parts, service loans, and execute capital projects.
He also flagged environmental threats such as illegal mining, unsustainable farming along the Bui reservoir, and recurring bushfires as operational risks.
Speaking on behalf of Energy and Green Transition Minister, John Jinapor, Deputy Minister Richard Gyan-Mensah disclosed that the government is renegotiating unsustainable solar Power Purchase Agreements (PPAs) to ensure affordable tariffs while maintaining investor confidence.
He stressed that all future PPAs will undergo competitive procurement to align with policy goals.
“As you expand your generation profile, be guided by government policy for competitive procurement of power, which is crucial for affordability and sector sustainability,” he urged.
The ministry, he assured, will work with stakeholders to ease BPA’s liquidity constraints.
Also addressing the review, Millicent Atuguba, Deputy Director-General of the State Interests and Governance Authority (SIGA), noted that BPA’s performance index has fluctuated in recent years, rising from 2.876 in 2021 to 3.518 in 2022 on financial improvements. She urged management to stabilize performance and ensure dividend payments.
“By close of the 2025 financial year, we expect BPA to demonstrate its commitment by paying dividends to government for the first time,” she said.
