The former president and flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has made emphatic claims regarding the profitability of the Bulk Oil Storage and Transportation Company Limited (BOST).
According to Mahama, BOST was operating and generating profits during his administration.
“When we were in office…BOST was working and making profit,” the former President said when he was addressing the Trades Union Congress (TUC) in Accra on Tuesday, November 7.
The claim made by John Dramani Mahama regarding the profitability of the Bulk Oil Storage and Transportation Company Limited (BOST) during his tenure is contradicted by the audited financial statements, per a research conducted by JoyNews.
According to the financial reports, BOST consistently incurred losses from 2013 to 2016, with the total cumulative losses reaching a significant amount.
The audited financial report shows a challenging financial landscape, with BOST reporting losses of GHS30.91 million in 2013, GHS89.37 million (Revised: GHS68.01 million) in 2014, GHS36.34 million in 2015, and a staggering GHS458.64 million in 2016.
This stark financial reality challenges Mr. Mahama’s assertion regarding the company’s profitability during his tenure. In fact, the total cumulative losses incurred by BOST under Mahama reached up to a whopping GHS615.26 million with no profit recorded between 2013 and 2016.
- Report of the Auditor General on the Public Accounts of Ghana – Public Boards, Corporations and Other Statutory Institutions for the year ended 31 December 2019.
The 2019 Auditor General Report confirms BOST losses in the last 2 years (2015 and 2016) of John Mahama’s administration
2. Auditor-General’s Report On Public Accounts Of Ghana, Public Boards, Corporations And Other Statutory Institutions For The Period Ended 31 Dec 2014
Evidence from BOST’s audited financial statements (2013-2016)
1.BOST 2013 Audited Report
2. BOST 2014 Audited Report
3. BOST 2014 Audited Report (Revised in 2015)
4. BOST 2015 Audited Report
5. BOST 2016 Audited Report
