The Bulk Energy Storage and Transportation Limited Company (BOST) has repaid 100% of its trade debt and loan obligations, totalling over GH₵384 million.
At a media briefing in Accra on Thursday, November 7, 2024, Dr. Edwin Alfred Nii Obodai Provencal noted that the oil company has gone through dramatic changes including the resolution of long-standing tax arrears and audited accounts spanning 2015 through 2023.
In addition to the debt clearance, the MD indicated that BOST has implemented several strategies to boost revenue, including the completion of critical projects like the Tema to Akosombo Petroleum Pipeline (TAPP) and the Bolga to Buipe Pipeline, which now operate with leak detection systems to secure 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 MD emphasized.
Dr. Edwin 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.
“BOST is on a path to sustainability, not just in finances but in energy solutions for Ghana”, Dr. Provencal noted.
With these initiatives, BOST’s revenue-earning assets have surged from 18% in 2017 to 98% today.
Source: MOI (PR Unit)
