In a remarkable turnaround, the Bulk Oil Storage and Transportation Company (BOST) Limited has fully repaid its legacy trade debt and loan obligations totalling GH¢384 million.
The Managing Director Dr. Edwin Provencal who announced this on Wednesday at a media briefing organised by the Ministry of Information stated that the company has gone through dramatic changes including the resolution of long-standing tax arrears and audited accounts from 2015 to 2023.
The company, he added, has also implemented strategic revenue-boosting initiatives, including the completion of critical projects such as the Tema to Akosombo Petroleum Pipeline (TAPP) and the Bolgatanga to Buipe Pipeline.
These pipelines now feature advanced leak detection systems, ensuring the security of Ghana’s fuel infrastructure.
“Achieving this level of debt repayment while enhancing operational capabilities is a testament to our commitment to financial transparency and growth”, the BOST MD emphasised.
Dr. Provencal attributed the financial turnaround to his strong corporate governance and operational discipline.
He stated that the financial achievement highlights BOST’s strategic management approach that positions it as a model for Ghanaian state-owned enterprises.
Dr. Provencal said these achievement underscore BOST’s potential as a viable and sustainable state-owned enterprise, contributing to Ghana’s economic growth and energy security.
“BOST is on a path to sustainability, not just in finances but in energy solutions for Ghana”, Dr. Provencal noted.
He said with these initiatives, BOST’s revenue-earning assets have surged from 18% in 2017 to 98% as off now.
BOST’s remarkable progress has earned recognition, with Dr. Provencal being crowned the 2023 Energy Personality of the Year at the Ghana Energy Awards The company was also adjudged Energy Company of the Year.
