Chief Executive Officer of the Volta River Authority (VRA), Emmanuel Antwi Darkwa, has disclosed that the year 2020 will begin a gradual and systematic re-organization of the Authority into a multi business holding company.

Emmanuel Antwi Darkwa was speaking via a recorded video at VRA’s 58th anniversary corporate thanksgiving service held today on the theme “The New VRA, One Year On”.

According to Emmanuel Antwi Darkwa, the Authority has already commenced work on the restructuring and expects that the concept, design and reports will be completed this year, after the required consultations, with Staff, Shareholder and relevant Stakeholders.

“It is my expectation that by the time we celebrate VRA @ 60, powered by the BRAISE strategy, VRA will be transformed into an organization worthy of our vision – “A model of Excellence for Power Utilities in Africa,” he reiterated.

He explained that the above disclosure is in line with the institution’s resolve to reform its non-power businesses into commercially viable entities where appropriate.

It includes the completion of an improvement of VRA’s Property Holding Company, PROPCo which he said has been put it on a financially and commercially sustainable path.

He added, “We intend to complete the commercialization of Kpong Farms Ltd, VLTC and The Akosombo Hotel Limited between the end of this year and the first quarter of 2020. The commercialization of the VRA Health Services is also in progress and the VRA Schools Limited will follow in that order”.

Mr Darkwa indicated that although business processes have significantly improved with the introduction of the paperless environment, a growing portfolio, a right upward trajectory on finances, among others, the Authority continues to face challenges with “our work culture and the introduction of the commercial mind set.”

However, he maintained that Management will take the leadership to ensure that this critical objective is achieved.