VRA posts GH¢40m profit for 2011 – CEO

The Aboadze Thermal Plant and a Social Security and National Insurance Trust (SSNIT) Project are in the process to generate additional 300 megawatts of power by the end of the year to boost energy supply in the country.

Mr Kwaku Andoh, the Chief Executive Officer of the Volta River Authority (VRA), announced this at the Biennial National Congress of the VRA Senior Staff Association at Akosombo at the weekend.

He said the 300 new megawatts in the pipeline would not rely on Gas for its operation and that would make up for the 300 shortfall of power supply in the country at the moment.

According to the CEO, the shutdown of the West Africa Gas Pipeline had impacted negatively on the operation of the VRA since it had to pay $50 million every month to lift crude oil from Nigeria to support its operation.

He explained that VRA had to lift crude from Nigeria because Ghana’s crude oil was not up to the specification needed by VRA in its operation and indicated that despite the gas pipeline problem that had affected the VRA, it made profits in 2011.

Mr Andoh said VRA posted an impressive profit of about GH¢40 million in 2011, describing it as an achievement which had not been recorded in many years including its non-power areas mentioning the Akosombo Hotels that also posted impressive profits in its operation.

He said the VRA would soon be operating one of the largest dams in Nigeria called Shiroro, which had a generation capacity of 600 megawatts to add to its expansion since Nigeria was privatizing all its energy generation companies and had invited the VRA to bid.

He said despite the challenges VRA was making strides due to the cooperation of its staff, particularly the able leadership of the Senior Staff Association.

Mr Andoh added that the VRA was concerned with the power situation and would ensure that it put measures in place to contain the situation.

Mr Ben Hornunyegah, a lecturer at the Ho Polytechnic, who spoke on the theme: “Promoting Good Corporate Governance in VRA: The Role of The Senior Staff Association”, said corporate governance aimed at achieving high performance and VRA must therefore ensure that it would always be prepared to answer questions from its stakeholders.

He urged members of the Senior Staff Association to show leadership by example, adding that as seniors, they should have a better approach to demanding conditions of service.

He said while a junior Staff would use demonstration to press home his demands, a senior staff should use the wearing of red bands whiles working.

Mrs Marian Antwi, the outgoing chairman of the Senior Staff Association, pledged the support of the members to management in its bid to end the energy crises through cooperation and dialogue.

She thanked the management of the VRA, the executives and the entire members of the Association for the support given her in the 10 years of steering the affairs of such a vibrant and important Association and hoped that the new executives would continue with the good works.

Source: GNA

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