VRA made a loss of over GH¢138m but increased director's salary from GH¢299k to GH¢725 – MP alleges

The Member of Parliament for South Dayi, Rockson-Nelson Dafeamekpor, has called out the management of the Volta River Authority (VRA) for allegedly paying its staff, including its director, exorbitant remunerations.

According to him, even though VRA posted a loss of over GH¢138 million in 2022, records show that its staff salary increased by over GH¢90 million with that on the director alone increasing by over GH¢400,000.

The MP, who made these allegations in a series of posts shared on X on Wednesday, November 15, 2023, questioned why the authority would take such an action.

“In 2022, VRA grew by 3% with a mkt share of 54.27%. Operating Y declined by 7% & Profit eroded from Ghc355.4m in 2021 to a loss of Ghc138.4m (Ghc493.8m) in 2022. Staff wages increased from Ghc316.63m in 2021 to Ghc397.65m in 2022. Director's fees went up from Ghc299k to Ghc725k.

“Why must Directors of a Company that moved it from a profit margin of Ghc355.4m in 2021 to a net loss of Ghc138.4m a yr later, be permitted to increase Board fees from Ghc299k to Ghc723k? Why?” he wrote.

The post the MP shared also had a supposed parliamentary report of the Committee on Employment, Social Welfare and State Enterprises which showed the decline in profit and the increase in salaries of the VRA staff.

In the document, the VRA explained that the salaries were increased as part of the salary reviews and adjustments it carries out annually.

View the MP’s post plus the documents below:

In 2022, VRA grew by 3% with a mkt share of 54.27%. Operating Y declined by 7% & Profit eroded from Ghc355.4m in 2021 to a loss of Ghc138.4m (Ghc493.8m) in 2022. Staff wages increased from Ghc316.63m in 2021 to Ghc397.65m in 2022. Directors fees went up from Ghc299k to Ghc725k. pic.twitter.com/1LS0aCzvfN

— Rockson-Nelson Dafeamekpor, Esq. MP. (@etsedafeamekpor) November 15, 2023