BOST clears GHC384 million debt

Bulk Oil Storage and Transportation Company Limited (BOST) has fully settled its trade debts and loan obligations, clearing over GHC384 million in liabilities. 

This significant milestone marks a pivotal shift for the state-owned oil company, which has recently undergone a series of transformative changes aimed at ensuring financial sustainability.

At a media briefing in Accra on Wednesday (6 November), BOST Managing Director Edwin Provencal outlined the company’s achievements. 

He detailed how BOST has tackled long-standing issues, including tax arrears and outstanding audits, with accounts now fully updated from 2015 to 2023.

“Achieving this level of debt repayment while enhancing operational capabilities is a testament to our commitment to financial transparency and growth,” Provencal said. 

He credited the turnaround to strengthened corporate governance and disciplined operational management.

Beyond debt repayment, BOST has implemented key projects to boost its revenue and secure Ghana’s fuel supply infrastructure. 

This includes the completion of the Tema-Akosombo Petroleum Pipeline (TAPP) and the Bolga-Buipe Pipeline, both now equipped with leak detection systems designed to protect the country’s critical fuel resources.

Provencal highlighted BOST’s renewed focus on revenue-generating assets, which have increased from a mere 18% in 2017 to an impressive 98% today. 

He described this as part of BOST’s strategic management approach, positioning it as a model for Ghanaian state-owned enterprises.

“BOST is on a path to sustainability, not just in finances but in energy solutions for Ghana,” Provencal added, underscoring the company’s vision for long-term growth and stability in Ghana’s energy sector.

Reporting by Clankson Acheampong in Greater Accra

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