Bulk Oil Storage and Transportation Company Limited (BOST), Ghana’s state-owned oil logistics firm, has fully cleared its trade debts and loan obligations, amounting to more than GHC384 million.
The move marks a substantial financial turnaround for BOST, which has embarked on transformative reforms aimed at achieving long-term financial stability.
At a media briefing on November 6, BOST Managing Director Edwin Provencal highlighted the company’s recent strides, citing efforts to address longstanding issues, including tax arrears and audits.
BOST’s financial records are now current from 2015 through 2023.
“Repaying our debts while enhancing operations underscores our commitment to financial transparency and growth,” Mr Provencal said, attributing the recovery to improved governance and disciplined management.
BOST has also completed strategic infrastructure projects to strengthen Ghana’s fuel supply network, including the Tema-Akosombo Petroleum Pipeline (TAPP) and the Bolga-Buipe Pipeline.
Both pipelines are now fitted with advanced leak detection systems to safeguard critical resources.
Provencal noted that revenue-generating assets now make up 98% of BOST’s portfolio, up from just 18% in 2017, positioning the company as a model for state-owned enterprise reform in Ghana.
“BOST is not only securing its financial footing but also advancing energy solutions for Ghana,” he said, underscoring the company’s vision for sustainable growth in the energy sector.
