Bui Power Authority (BPA), achieved a net profit of $80 million for the 2023 financial year, up from $79.2 million in 2022, despite a slight decrease in total revenue, which fell from $158.8 million in 2022 to $157.1 million in 2023—a decline of 1.0%—the company’s focus on stringent cost control measures contributed positively to its net profit.
This announcement was made during the Annual General Meeting of 2024, held in the auditorium of the Bui Power Authority’s Head Office in Accra on August 30th 2024. The event, attended by key stakeholders, partners, industry leaders, and government officials, aimed at reviewing the company’s performance for 2023 and strategic direction for the year ahead.
In 2023, the Bui Power Generating Station produced a total of 1,519 GWh of energy, with 3 GWh lost, resulting in 1,516 GWh being supplied to the National Interconnected Transmission System (NITS). This output is 2% lower than the record-high generation of 1,547 GWh in 2022. These statistics were shared by the Board Chairman of BPA, Hon. Kwasi Ameyaw Cheremeh, in a speech read on his behalf by Dr. Mrs. Rebecca Acquaah-Arhin, Board Member of the Authority. Hon. Ameyaw-Cheremeh praised the company’s overall performance in 2023 as remarkable.
Addressing the challenges faced by BPA, Hon. Ameyaw-Cheremeh highlighted the Electricity Company of Ghana’s (ECG) ongoing difficulties in paying for the power supplied to them. This issue has adversely affected BPA’s ability to purchase critical spare parts for plant maintenance and to secure funds for Renewable Energy projects. To maintain financial stability, BPA is exploring opportunities to engage with additional off-takers.
Hon. Ameyaw-Cheremeh also commended the dedication and commitment of the Board, Management, and Staff of the Authority.
CEO of BPA, Hon. Ing. Kofi Ahiave Dzamesi, expressed the company’s intention to intensify efforts to expand its renewable energy portfolio, focusing on solar energy, wind power, and other sustainable sources to meet the growing demand for clean energy.
He reaffirmed the company’s commitment to intensifying efforts, to expand its renewable energy portfolio, particularly in wind power, solar energy, and other sustainable energy sources to meet the escalating demand for clean energy. Highlighting BPA’s ambitious vision, Hon. Dzamesi emphasized the importance of innovation and strategic growth in driving the company’s success.
He expressed appreciation for the dedication and hard work of BPA’s employees, acknowledging their critical role in the company’s achievements. Addressing the workforce, Hon. Dzamesi delivered an inspiring call to action: “Let us resolve to work together to make 2024 another great success.”
He further stressed BPA’s commitment to being a leader in the renewable energy sector within the sub-region. “We will continue our pursuit of leadership in the renewable energy industry within our sub-region, guided by our vision to be at the forefront of the transition to clean energy,” he stated, reaffirming BPA’s dedication to sustainability and its pivotal role in advancing Ghana’s energy future.
As the sole shareholder and guardian of the government’s interests, the State Interests and Governance Authority (SIGA) expressed its commitment to ensuring that the Electricity Company of Ghana (ECG) adheres to the Cash Waterfall Mechanism (CWM). This will enable all stakeholders in the energy sector, including the Bui Power Authority (BPA), to receive their rightful dues and meet their objectives. SIGA also commended the BPA for its climate-smart initiatives and forward-thinking investments.
Representing the Ministry of Energy, the Deputy Minister for Energy, Hon. John Kobina Abbam Aboah Sanie, praised the Bui Power Authority for fulfilling its mandate and executing projects that are advancing the energy sector. He emphasised the importance of maintaining this level of progress as the country works toward achieving its sustainable Renewable Energy goals.