Over GHS 384 million has been paid back by the Bulk Energy Storage and Transportation Limited Company (BOST), which has paid off all of its trade debt and loan commitments.
The oil company has undergone significant changes, including the settlement of long-standing tax arrears and audited accounts covering 2015 through 2023, according to Dr. Edwin Provencal, who made these remarks at a media briefing in Accra.
The MD said that BOST has taken a number of steps to increase revenue in addition to paying off the debt, such as finishing important projects like the Tema toAkosombo Petroleum Pipeline (TAPP) and the Bolga to Buipe Pipeline, which are now equipped with leak detection systems to secure Ghana’s fuel infrastructure.
The MD underlined,
“Achieving this level of debt repayment while enhancing operational capabilities is a testament to our commitment to financial transparency and growth”
Dr. Edwin Provencal credited his strong operational discipline and corporate governance for the financial turnaround.
According to him, the financial success demonstrates BOST’s strategic management approach, which sets it apart as a role model for state-owned businesses in Ghana.
Dr. Provencal further said, “BOST is on a path to sustainability, not just in finances but in energy solutions for Ghana.”
BOST’s revenue-earning assets increased from 18% in 2017 to 98% today as a result of these efforts.
Dr. Edwin Alfred Provencal, meanwhile, stated that his team has finished important projects like the Bolga to Buipe Pipeline and the Tema to Akosombo Petroleum Pipeline (TAPP), which are currently operational.
Later that day, Hon. Abubakar signed the agreement for Ghana to host the Secretariat of the International Fund for Public Interest Media (IFPIM).
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