The Chief Executive of the Volta River Authority, Mr. Emmanuel Antwi-Darkwa has reiterated the need for the Authority to undergo a rigorous restructuring and re-orientation exercise. This according to him is to ensure a rapid turn-around of VRA’s fortunes, if it is to remain relevant and competitive in the emerging energy market.
He made the comment when he addressed Staff during the Authority's 57th Anniversary; celebrated on the theme; the "NEW VRA, Powering the future".
According to the Chief, the key issues to VRA's recovery: low asset utilization, decline in the Authority’s market share in the Power Market, competition from IPPs, short-term leadership gap, weak financial performance, has informed the formulation and execution of the six (6) strategic themes termed: 'BRAISE' the acronym for:
- Build, nurture and develop VRA's Human Capital
- Restore VRA’s Finances
- Advance Internal and External Business Process
- Improve Operational and Project Implementation Efficiencies
- Sustain VRA’s Position as a Market Leader
- Ensure Development in a Sustainable Manner
B - Build, nurture and develop VRA’s Human Capital: The objective is to ensure Staff in the 'NEW VRA' would undertake their activities with a private sector mindset. That the Staff equipped with the required skills and knowledge, would promote a customer satisfaction and value-driven culture. In addition, the strategy is to inure to a succession plan that would cater for the gaps created as a result of a rapidly aging work force: "Strengthen our Human Resource to Realize our Strategic Intent".
R - Restore VRA's Finances: The purpose is to provide effective financial management across all levels of the organization to ensure we strengthen our balance sheet, sustain financial liquidity to guarantee our short to long term financial sustainability, and in the long run wean off from Government of Ghana's financial support: 'VRA Beyond Aid'.
A - Advance Internal and External Business Process: Mainstreaming technology including IT in all our business and operational processes to ensure we reduce our administrative and operational cost and still operate in an efficient and effective manner: 'Meeting the Needs and Expectation of the Customer'.
I - Improve Operational & Project Implementation Efficiencies: The rational is to optimize operational costs through competitive procurement of all goods, works and services; optimizing inventory levels, implementing 'best practices', developing bankable projects etc., to become: A Model of Excellence for Power Utilities in Africa.
S - Sustain VRA's Position as a Market Leader: The aim is to ensure the 'NEW VRA' is able to compete favourably in the emerging energy market by diversifying and expanding our business portfolio with the view to growing sales and profitability: 'Meeting the Needs and Expectations of the Energy Consumer'.
E - Ensure Development in a Sustainable Manner: The idea is to take advantage and invest in the natural/renewable energy resources in Ghana to remain Leaders in the climate change agenda, this is referred to as: 'Leadership in the Climate Change Agenda' Already Management has shown commitment to implement various initiatives including a 3-year Financial Recovery Programme (FRP) and Organizational Restructuring by the year 2020. The Executive and the Corporate Strategy Department have therefore initiated various staff consultations and town hall meetings to sensitize and bring staff up to speed on the programme. The onus now lies on us to rise above the occasion and collectively work towards the singular purpose of making the VRA the Resilient, Sustainable and Growing Multi-Business Holding Company.