State-owned electricity utility that returned to profitability in 2025 with a net profit of GH¢88.04 million, though board composition has drawn IMF criticism for including prominent politicians.
… I Institutions visited included the Bank of Ghana, GOIL PLC, Ghanstock, Western Terminals, Zen Terminal, Keda Ceramics, Takoradi International Company (TICO), the Volta River Authority, Harlequin Oil and Gas, and Western Serene Atlantic Hotel. …
The Management of the Volta River Authority (VRA) has issued a public warning against individuals fraudulently representing themselves as agents of the Authority and purporting to offer employment opportunities in exchange for payment or other forms of inducement. …
… Net profit versus asset size, FY2024 ECG, Ghana Water, COCOBOD and the Volta River Authority occupy the bottom and right of the chart — big, asset-heavy, and deeply in the red. …
The Senior Staff Association of the Volta River Authority (VRA) has kicked against the government’s proposed privatisation of the Northern Electricity Distribution Company (NEDCo), warning that the planned Private Sector Participation (PSP) arrangement could further derail utilit …
The Chief Executive of the Volta River Authority (VRA), Mr Edward Ekow Obeng-Kenzo, has been honoured as Energy Sector Chief Executive of the Year at the 10th Ghana CEO Summit held at the Kempinski Hotel Gold Coast City in Accra. …
… Mr Jinapor also commended GRIDCo, the Volta River Authority and the technical teams involved in the restoration exercise for what he described as their commitment and dedication to restoring stability to the national power grid.
… Also present during the inspection was the Chief Executive of the Volta River Authority (VRA), Edward Ekow Obeng-Kenzo, who joined officials in providing updates on the project and broader operational activities at the facility.
The Volta River Authority (VRA) Academy has opened a specialised two-week regional training programme on clean “Mini-Grid Design, Installation and Inspection,” to accelerate rural electrification and bridge the energy access gap for millions of people across West Africa. …
Staff groups of the Volta River Authority (VRA) and the Northern Electricity Distribution Company (NEDCo) have rejected a government proposal to introduce Private-Sector Participation (PSP) in the distribution of power in the northern territory. …
… Key strategic SOEs (and Joint Venture Companies) based on performance and economic impact include: Volta River Authority (VRA): A cornerstone in Ghana’s energy sector established to manage power generation. …
The IMF has raised concerns about the politicisation of boards and chief executive appointments at Ghana's State-Owned Enterprises, saying boards of major SOEs are largely dominated by political appointees, with board chairs frequently being ministers, MPs, or prominent party officials, which the IMF says departs significantly from OECD guidelines that caution against active politicians serving on SOE boards.
The IMF has raised concerns about the politicisation of boards and chief executive appointments at Ghana's State-Owned Enterprises, saying boards of major SOEs are largely dominated by political appointees, with board chairs frequently being ministers, MPs, or prominent party officials, which the IMF says departs significantly from OECD guidelines that caution against active politicians serving on SOE boards.
The Majority Chief Whip has accused the IMF of showing political bias against the NDC government following the Fund's assessment of governance in Ghana's state-owned enterprises, arguing that the IMF criticises NDC administrations over practices also prevalent under NPP rule. The IMF report identified the politicisation of board and chief executive appointments as a major weakness, noting that appointments remain highly political and centralised in the Presidency despite Ghana's framework intended to make them merit-based.
The International Monetary Fund has warned that continued appointment of active politicians to Ghana's State-Owned Enterprise boards could weaken corporate governance and accountability, citing examples including the Ghana Ports and Harbours Authority and Volta River Authority where board chairs and members are political appointees.
Ten state-owned enterprises collectively recorded a net loss of GH¢8.8 billion in 2024, about 1.0% of GDP, with the Electricity Company of Ghana accounting for 85% of those losses. The IMF attributed the losses mainly to high financing costs, which reached GH¢9.4 billion—nearly six times the earnings before interest and tax.
The International Monetary Fund has identified the politicisation of board and chief executive appointments as a major weakness in Ghana's state-owned enterprises, warning that the practice undermines the independence and professionalism of boards despite established frameworks intended to make appointments merit-based. The IMF cited examples including the Ghana Ports and Harbours Authority, where the board was chaired by the national chairman of the governing party, and the Volta River Authority, which has prominent politicians on its board alongside technocrats, noting these arrangements depart from OECD standards that emphasise independent and professional majorities.
State-owned enterprises in Ghana recorded total revenue of GH¢176.43 billion in 2025, a 28.12 per cent increase from GH¢137.64 billion in 2024, with net profit after tax reaching GH¢19.80 billion, according to the State Ownership Report released by the State Interests and Governance Authority.
The Volta River Authority returned to profitability in 2025, posting a net profit of GH¢88.04 million, reversing a net loss of GH¢105.75 million in 2024, primarily driven by a foreign exchange gain of GH¢236.60 million according to the 2025 State Ownership Report.
The Electricity Company of Ghana accounted for GH¢82.31 billion of total liabilities held by Ghana's state-owned enterprises in 2025, according to SIGA's State Ownership Report. Despite an overall 4.31 per cent decline in combined SOE liabilities to GH¢281.99 billion, SIGA warned that significant financial risks remained concentrated in a small number of entities, with ECG among five SOEs that recorded losses in each year from 2021 to 2025.
Ghana's state-owned enterprises recorded a consolidated net profit after tax of GH¢19.80 billion in the 2025 financial year, ending four consecutive years of net losses, according to SIGA's 2025 State Ownership Report. Total SOE revenue increased by 28.12 per cent from GH¢137.64 billion to GH¢176.43 billion, marking a significant turnaround from the GH¢2.25 billion net loss in 2024.
The Office of the Special Prosecutor has named former Power Minister Kwabena Donkor and four others as main persons of interest in its investigation into Ghana's connection to the bribery case of Asante Kweku Berko, who was convicted in New York in August 2026 over a scheme involving alleged bribes to Ghanaian officials between 2014 and 2015 linked to a fuel oil plant project in Tema.
Energy Minister Dr John Abdulai Jinapor has acknowledged that Ghana's transmission network requires urgent investment to address critical infrastructure gaps, noting particularly vulnerabilities in transmission lines between Kumasi and Accra. He attributed some financing difficulties to IMF programme restrictions on state-owned energy enterprises.
The Principal of Shama Technical Institute says inadequate infrastructure is straining teaching and learning, and has appealed to the government, private sector and stakeholders to help complete a three-storey classroom block started in 2022 and fund other facilities including dormitories, an assembly hall, and practical workshops.
K.T. Hammond, lawyer for former Power Minister Dr Kwabena Donkor, defended a Ghanaian technical team's trip to Istanbul to inspect equipment for the Aksa Energy power deal as standard technical due diligence required before major power-generation equipment is shipped to Ghana. The comments come amid renewed scrutiny following the U.S. conviction of former Tema Oil Refinery Managing Director Asante Kwaku Berko for his role in a bribery scheme involving Ghanaian officials and the power plant deal.
Dr Kwabena Donkor has denied ever meeting convicted former Goldman Sachs banker Asante Berko or demanding or receiving money connected to the controversial Aksa Energy power deal. Berko was convicted in August 2026 of conspiracy to violate the Foreign Corrupt Practices Act and paying over US$1 million in bribes to multiple Ghanaian officials between 2014 and 2015.
Energy analyst Kwadwo Poku has contested the government's assertion that it has cleared all outstanding debts in Ghana's energy sector, stating that figures published by the Public Utilities Regulatory Commission do not support the claim. While acknowledging progress in settling obligations to Independent Power Producers through a four-year payment plan for about $1.1 billion in existing debts, Poku argues that other sector debts remain unresolved.
Ghana's Deputy Minister of Energy and Green Transition backed calls for Ghana and African countries to invest in nuclear energy, citing benefits including clean air protection, high reliability and improved density. He spoke at the opening of the 60th Annual General Meeting of the Association of Power Utilities of Africa, hosted by the Volta River Authority in Accra.
VRA CEO Edward Ekow Obeng-Kenzo called on African utility companies to strengthen collaboration and harness the continent's natural resources to deliver affordable and reliable electricity, arguing that fragmented approaches and lack of cooperation hinder industrial growth and poverty reduction. He made the remarks at the Executive Committee Meeting of the Association of Power Utilities of Africa (APUA) in Accra.
The Chief Executive of the Volta River Authority has called for African power utilities to consider nuclear energy as part of a complementary energy mix alongside renewables, citing benefits including clean air, reliability, and energy density. He emphasised this approach at the 2026 Annual Meetings of the Association of Power Utilities of Africa in Accra.
Ghana is investing in generation, transmission and distribution infrastructure to improve grid reliability and address electricity supply challenges. The government also plans to construct a second gas processing plant at Atuabo in the Western Region at an estimated cost of US$700 million to increase gas processing capacity and create over 2,500 jobs.
The Electricity Company of Ghana says it cannot pay dividends to its sole shareholder for 2025, though revenue grew 16.2 per cent and losses narrowed significantly. The board chairman told the company's annual general meeting that despite improved finances, ECG did not break even.
The Deputy Minister of Energy and Green Transition assured investors of reliable power supply, noting that GH¢1.4 billion has been spent to clear legacy debts to Independent Power Producers, electricity access has reached about 89 per cent, and installed generation capacity has exceeded 5,300 megawatts.
The Volta Aluminium Company has lost more than a quarter of its operating capacity since June due to ageing equipment breakdowns, causing monthly output to halve and metal purity to fall below industry standards. GIADEC confirms the smelter needs a strategic equity investor and hundreds of millions of dollars in capital to modernise its nearly 60-year-old technology and meet international competitive standards.
The government is implementing power sector reforms aimed at financial sustainability and preventing debt accumulation owed to Independent Power Producers, with renegotiated IPP agreements generating more than $240 million in savings. The Deputy Energy Minister said IPPs are currently being paid 80 to 90 percent monthly, with improved revenue collections from distribution companies contributing to stronger financial discipline.
The Chief Executive of the Volta River Authority has emphasised that Ghana's 24-Hour Economy policy and industrial transformation agenda require reliable, affordable and sustainable electricity, warning that factories, hospitals, transport systems and businesses cannot operate continuously without dependable power supply.
The Paramount Chief of Amugo-Vego Traditional Area in Keta Municipality has called on residents to remain calm as the Keta Lagoon floodgates are opened to mitigate flooding affecting several communities. The chief praised the swift intervention of local officials and engineers, while warning against late closure of the floodgate to prevent a repeat of drought conditions experienced three years ago.
The Volta River Authority has opened the Havedzi floodgate in Keta Municipality to allow lagoon water to flow into the sea and regulate water levels following heavy rains that flooded communities, farmlands, and roads. The Keta MCE said the measure is part of the Keta Sea Defence and lagoon management system, and water levels will be closely monitored to assess its effectiveness.
The Keta Municipal Assembly will open the Kedzi Azizadzi floodgates on Friday, July 3, to drain excess floodwater from the overflowed lagoon into the sea as part of efforts to ease severe flooding affecting the municipality. The operation will be undertaken by technical experts and engineers from the Volta River Authority, NADMO, and other relevant institutions.
The Ministry of Energy and Green Transition is commissioning a comprehensive audit of state energy sector agencies' balance sheets to identify and remove government-related debt, enabling entities like Tema Oil Refinery to access commercial financing more easily. TOR's Board Chairman disclosed the company inherited approximately US$517 million in legacy debt when the current Board began in July 2025.
Tema Oil Refinery's Managing Director says he has initiated direct conversations with government on mechanisms to recapitalise the company's balance sheet, including releasing TOR's outstanding ESLA receivables of at least GH¢1.6billion, to address an accumulated deficit of GH¢7.869billion and negative equity position of GH¢4.53billion.
The Ghana National Fire Service extinguished a diesel tanker fire at Asutuare Junction in the Eastern Region on June 28, 2026, after deploying four fire pumps. One person believed to be the driver was found burnt to death, while the driver's mate was rescued and hospitalised.