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.
… The President made the announcement on Friday, May 1, 2026, during the May Day celebrations at Jackson Park, Koforidua. “Just yesterday, I was in Akosombo here in the Eastern Region to inspect the damage at the Volta River Authority Electricity Generation Station following the de …
… In a statement, the Minister praised the efforts of personnel from the Ghana Grid Company Limited, Volta River Authority and Electricity Company of Ghana for their commitment and coordination during the emergency. …
… He specifically praised engineers from Ghana Grid Company Limited and the Volta River Authority for restoring operations at the Akosombo Hydroelectric Plant following a recent fire incident. …
President John Mahama has announced the full restoration of electricity generation at the Akosombo Hydroelectric Dam following recent disruptions caused by a fire at the Volta River Authority (VRA) switchyard control room. …
… The Minister also commended the leadership and staff of key state power institutions, including Ghana Grid Company Limited, Volta River Authority, and Electricity Company of Ghana, for their coordination and swift response in restoring power supply. …
The Director of Human Resources at the Youth Employment Agency (YEA) and board member of the Volta River Authority (VRA), Wonder Victor Kutor, ESQ, has called on prison inmates to view themselves as an integral part of the national fabric. …
… Engineers from the Volta River Authority (VRA) and GRIDCo have been working around the clock to bypass damaged control systems and synchronise the massive turbines back onto the national high-voltage transmission line. …
… During the visit on Thursday, April 30, the President inspected ongoing restoration works and praised the Volta River Authority for their swift response in stabilising the situation, describing the fire outbreak at the Akosombo control room as an opportunity to modernise the faci …
… During the visit, the President praised engineers from the Volta River Authority (VRA) and the Ghana Grid Company (GRIDCo) for restoring four out of six generating units within a week, returning about 550 megawatts to the system. …
… The AGM was on the theme, “Strengthening governance and accountability for members’ confidence.” Hydro Co-operative Credit Union was established by the staff members of the Volta River Authority (VRA) in March 1971 with a mission of helping members to attain a lifetime of financi …
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.