BOST – From Losses Of Gh¢400Million Over The Years To Now Making A Whopping Gh¢342Million Profit

Energy Minister, Dr Opoku Prempeh

As indicated by Ghana’s Energy minister Dr Mathew Opoku Prempeh, there is the propensity to push for the privatization of State owned Endeavors that start to post profit.

Speaking at the second Annual General Meeting ( AGM) of the Bulk Oil Storage and in Accra, Dr Opoku Prempeh, emphasized the need to keep BOST in the possession of Ghanaians who keep on making profits for the organization since 2021.

From an organization which has made losses to the tune of Gh¢400million throughout the years to now making an incredible Ghc342m profit, the minister said this accomplishment is good and needed acknowledgement.

Considering this amazing performance, the Mr Prempeh focused on the need to protect the organization and save it out of any conversation for privatization.

“It is very noteworthy that after making a profit of Gh¢161 m in 2021 , the company has significantly increased its profit to Gh¢342million in 2022, an impressive growth of 112%”, he pointed out.

Aside this performance, the minister demonstrated that this growth, further sets BOST up to deliver profits to government. He was hopeful and in this manner urged BOST to build the energy and even endeavor better.

“BOST’s success contributes to the fiscal policies of the government and supports our national growth and development agenda, “ he added.

As a result, other state-owned enterprises (SOEs) have been asked to learn from the performance of BOST. Outlining some of the infrastructure and facility expansion of BOST, Dr Opoku Prempeh, attributed it to the upward revision of the BOST margin from 7 to 9 pesewas.

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Some of these expansion of facilities, he mentioned are the commissioning and operationalization of the Tema- Akosomb opetroleum pipeline, repair and commissioning of tanks at Accra plains depot among others.

On his part , the Board Chairman for BOST, Mr Ekow Hackman, connected the successes to ensuring stakeholder satisfaction , improving asset utilization and reducing turnaround time of Bulk Road Vehicles .

He said, the Board has ensured that there is safety and protection at their depot and pipelines which he described as paramount

Moving ahead, he vowed to pursue towards automating their depots which unfortunately has stalled for some time now.

“Furthermore, we have concluded the Front- End Engineering Design ( FEED) for the Tema- Kumasi Pipeline Project and look forward to partnering with the private entities to construct this pipeline “, he added.

This project, he indicted will equally help reduce the company’s carbon footprint and in addition to the planned construction of the LPG tanks.

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