VRA reduces net losses by 91%; 2019 report show new loss of GHC100 million

VRA reduces net losses by 91%; 2019 report show new loss of GHC100 million

- A new report from the Volta River Authority (VRA) shows it has recorded a 91% fall in net loss for the year 2019

- Records show that the net loss fell from GHC1.2 billion to GHC100 million

- It has listed the various strategies adopted to ensure that the losses were significantly reduced

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The Volta River Authority (VRA) has reported a fall in its net loss at the end of the year 2019.

Information available shows that the company recorded a 91% fall in net loss, from GHC1.2 billion to GHC100 million.

YEN.com.gh understands that the fall in net losses can be traced to strategic actions such as the rollout of a Financial Recovery Plan in 2018.

READ ALSO: Bank of Ghana report shows that there is an economic slowdown in Ghana

Per a report by thebftonline.com, it is also the result of a cut in administrative expenses and an aggressive export drive.

Chief Executive Officer (CEO) of VRA, Emmanuel Antwi-Darkwa, attributed the success to attractive pricing regimes offered to customers in the highly competitive regional market, as well as the coming on board of new local customers through pricing incentives, and most significant of all, the refinancing of expensive short- and medium-term loans.

Antwi-Darkwa went on to say that VRA will continue to export significant amounts of power to the sub-region as this would ensure decent cash flow.

In other news, telecommunications company, MTN Ghana, recorded a 62% increase in profit in the First Quarter of the year 2020 with regard to their mobile money operations.

The GHC349 million revenue recorded comes at a time when the company faces macro-economic challenges as well as the effect of COVID-19 on business operations.

The company revealed that the strong performance was as a result of cash management initiatives.

READ ALSO: Ghana's economy grew by 6.5% in 2019 - Ghana Statistical Service reports

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Source: YEN.com.gh

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