The Bulk Energy Storage and Transportation Company Limited (BOST) achieved GH¢22.7 billion in revenue and GH¢881 million in profit from 2019 to 2023, thanks to strong governance and efficient operations instituted by its Board and Management.
During a press briefing by the Ministry of Information in Accra, BOST’s Managing Director, Dr. Edwin Alfred Provencal, highlighted these achievements, emphasizing the Company’s statutory responsibility to develop infrastructure for the storage and transport of petroleum products nationwide.
On assuming office in 2018, Dr. Provencal inherited a financial challenge, with BOST owing $624 million to foreign suppliers and GH¢384 million to local suppliers.
Through disciplined management, BOST has since cleared these debts and returned to profitability. Additionally, revenue-generating assets surged from 18 percent in 2017 to 98 percent, with a substantial reserve of 361,000 metric tonnes of petroleum now stored in 51 tanks, providing a six-week supply for the nation.
Dr. Provencal also detailed BOST’s progress in resolving past challenges, including the repayment of GH¢47 million in longstanding tax arrears to the Ghana Revenue Authority (GRA).
Key projects such as the Tema to Akosombo Petroleum Pipeline and the Bolga to Buipe Pipeline have been completed, alongside the implementation of a Leak Detection System to protect BOST’s pipelines from illegal fuel siphoning.
“BOST is on a path to sustainability, not just in finances but in energy solutions for Ghana,” Dr. Provencal added.
Achieving full debt repayment and advancing operational capability reflects BOST’s commitment to financial transparency and growth. Dr. Provencal credited this success to the Board’s strategic oversight and operational discipline, positioning BOST as a model for other state-owned enterprises.