On December 20, 2023, the Bui Power Authority (BPA) conducted its Annual General Meeting (AGM) in accordance with the legal mandate outlined in Section 26 of Act 740, which requires the Board to submit an annual report, outlining the activities and operations of the Authority for the previous year. The AGM also provided stakeholders with a comprehensive overview of the company’s performance and strategic initiatives in the year 2022.
The chairperson for the AGM, Dr. Mrs. Rebecca Acquaah-Arhin, representing the Board Chair, Hon. Kwesi Ameyaw Kyeremeh, highlighted the remarkable performance of BPA in 2022. BPA achieved its highest ever generation of 2,547GWh during the year, leading to a corresponding revenue of $158,802,301 which represented a 44% increment on the 2021 revenue.
The surge in revenue was attributed to favorable inflow into the Bui Reservoir, heightened power demand, and effective cost control measures by management. A notable profit after tax of $79,218,134 was also achieved during the year, marking a remarkable 97% increase from the $40,220,491 recorded in 2021. BPA’s net worth saw a substantial rise of 15%, reaching $620,107,912 in 2022 from $540,889,778 in 2021.
The CEO of BPA, Hon. Samuel Kofi Ahiave Dzamesi highlighted BPA’s record-breaking annual electricity generation of 1,547GWh, evacuated to the National Interconnected Transmission System (NITS), and a remarkable 44% rise in revenues ($48.5m) to reach $158.8 million.
Additionally, BPA undertook initiatives in health, sports, education, and socio-cultural activities, including providing mechanized boreholes, scholarship schemes, classroom block renovations, talent scouting for sports, and donations to essential services.
BPA received five awards at the 4th Edition of the Health Environment Safety (HESS) Awards and was awarded CEO of the Year in the Power Sector and Renewable Energy Company of the Year at the Ghana Energy Awards in recognition of its outstanding performance in 2022.
Thus, BPA’s achievements in 2022 demonstrate its commitment to developing hydro sites for energy generation, promoting renewable and clean energy, nurturing positive labor and community relations, and contributing to climate mitigation efforts. These accomplishments position BPA as a leader in renewable energy within the West African Sub-region.