The State Interests and Governance Authority has instructed the Bui Power Authority to commence dividend payments to the government starting in the financial year 2025.
In 2024, the Bui Power Authority (BPA) reported total revenue of $139.7 million from energy dispatch, which slightly exceeded its target of $139.5 million.
However, this performance indicates an 11.1 percent decrease compared to the previous year, attributed to reduced generation due to lower inflows into its reservoir.
Even though revenue dropped, tighter cost controls helped BPA achieve a net profit of $64.5 million, which is almost twice its target of $33.6 million.
Millicent Atuguba, General Manager of Operations at SIGA, spoke at BPA’s 2024 annual general meeting and encouraged the company to get ready to pay dividends to the government.
“Commercial entities such as BPA should no longer be viewed as a liability but rather as a crucial economic asset that propels Ghana’s socio-economic development, particularly during this period of a reset agenda. Therefore, our expectations for BPA are clear: to operate efficiently, be profitable, and to distribute dividends to the government of Ghana.
“By the end of the 2025 financial year, we anticipate that BPA will demonstrate its commitment by issuing a dividend for the first time. This will signify the start of a reset where State-Owned Enterprises (SOEs) assume their rightful roles and make significant contributions to non-tax revenue as well as national and economic growth,” she stated.
The Bui Power Authority Act of 2007 (Act 740) tasked BPA with the development of a hydroelectric power project on the Black Volta River at Bui, along with any other potential hydroelectric power sites on the Black Volta River and related matters.
This mandate was later amended by the Bui Power Authority Amendment Act of 2020 (Act 1046) to encompass the development of renewable energy and other clean energy alternatives within the country, along with provisions for related matters.
