VRA's Investment Department Celebrates First Anniversary

The Investment Department of the Volta River Authority has marked its first anniversary with a brief ceremony. The Department, which is the 23rd department added to the Authority’s organizational structure, was established on October 1, 2012 to manage and ensure sustainability of VRA’s investment portfolio in its non-core business areas and generate revenue for the Authority.

Acting Director of Investment Department, Mr. Kenneth Kojo Obeng, in an interview said the Department was borne out of VRA’s ambition to operate in line with Ghana’s Power Sector Reform which requires VRA to focus on its core business of power generation and other major policy objectives. He said short term measures were being put in place to restructure all VRA non-core subsidiaries namely: Akosombo Hotels Limited, Volta Lake Transport Company, and Kpong Farms Limited, as well as VRA’s Health Services, Schools and Real Estate functions which are presently operating as departments. 

Mr. Obeng said that these assets, wholly owned by VRA, were being developed as Strategic Business Units to stand alone as self-financing commercial entities to make them more viable and profitable. He stressed, “We are focusing to make sure that these investment areas regenerate revenue for themselves and focus on their operations”.

He also said the Restructuring Task Force Department did the initial consultation work to see how viable these subsidiaries and departments could be when turned into commercial companies.

Mr. Obeng noted that the Authority had been given a ‘No Objection’ approval by the Ministry of Energy and Petroleum to proceed with its business portfolio initiatives but was making frantic effort to achieve a similar endorsement from the Ministry of Finance and Economic Planning to ensure full compliance with the Public-Private Partnership law of Ghana.

VRA, he said, was in the process of establishing a Holding Company to be known as the VRA Property Company (Propco), as part of the commercialization of the Real Estate Department.

Three companies are to emerge out of the Real Estates Department with Propco being the holding company, a proposed Property Development Company and Akuse Gulf Estate being subsidiaries.

The VRA Hospital would also undergo a massive restructuring process in the coming years to begin a development plan that will result in the establishment of three subsidiaries which will include a Nursing Training College, a Specialist Eye clinic, a Trauma Centre at Aboadze and the introduction of satellite Clinics in the main VRA Hospital.

It's all joy as staff join Mr. Kenneth Kojo Obeng (fourth from right) - Ag. Director, Investment Department, VRA - cut the anniversary cake.

In other news (October, 2013)

• Gas Turbines and Generators hauled to KTPP site ahead of schedule.
• VRA holds Emergency Press Conference.
• VRA acquires web-based Job Evaluation Software.
• VRA staff attend Knowledge Management workshop.

 

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