VRA Incured ?1.74 Trillion Loss Under Wereko-Brobbey

The Volta River Authority (VRA) incurred a ?1.74 trillion operating loss between 2002 and late last year.

The loss, which was inherited by the Awotwe-led five-member Interim Management Committee (IMC), The Chronicle investigations revealed, was mainly as a result of the VRA?s dependence on thermal generation when the water level of the Akosombo dam went low.

Other expenditures such as the purchase of cars, renovation of the 10th floor of the head office and official residence, placement of advertisements and traveling also accounted for the huge loss.

However, the IMC managed to plug some of the loopholes to stop further milking of the authority?s resources.

For example for the first time in several years, the lifting of oil is going through competitive bidding.

The Chronicle investigations revealed that the oil lifting actually became the conglomerate for some people in high places, but the IMC has blocked all those holes and now the nearly dead VRA has been restored to life over the past few months since the IMC took over the management.

The IMC has been able to spend $700,000 to rehabilitate a steam cycle at the Aboadze plant that is going to generate an extra 100 megawatts of electricity to add to the national delivery.

The Chronicle learnt that the previous administration had estimated $120 million for the rehabilitation of the steam cycle.

Even though the about 3,000 workforce were not paid annual bonuses for the first time the VRA?s history, they said the signals indicated hope for a better future under the IMC and had wished that the Awotwe team had been given some more time to operate.

Meanwhile, the VRA has been called upon to go ahead with its plans to install a 300-megawatt thermal plant at Tema.

Parliamentary aspirant for the Kpone/Katamanso constituency on the ticket of the National Democratic Congress (NDC), Joseph Nii Laryea, who made the call in a programme on Adom FM last week said only last year, the Volta dam witnessed a major drop in the level of water that led to a myopic decision to acquire a strategic reserve plant that has left over $35 million debt for the taxpayer, even though it never generated a unit of electricity.

He suggested that government should encourage the VRA to implement the thermal plant for Tema.