The Bulk Energy Storage and Transportation Limited (BOST) has transformed from a loss-making entity to a profitable powerhouse, marking a significant milestone in Ghana’s energy sector.
On Friday morning, a visit to the impressive headquarters of BOST on Gulf Street in Shiashie, Accra, inaugurated last year by Vice-President Dr. Bawumia, revealed a company on the rise. The occasion was BOST’s Annual General Meeting (AGM), attended by the Minister of State at the Ministry of Finance, Mr. Mohammed Amin Adams, representing the government, the sole shareholder in the company.
Profile
BOST, a private limited liability company under the Companies Act, 1963 (Act 179), is tasked with developing a network of storage tanks and other bulk transportation infrastructure throughout Ghana. Its responsibilities include renting or leasing storage facilities to strategic partners, managing a national network of pipelines and depots for petroleum products, and providing marine services for water transport facilities.
Performance
From consistent losses between 2013 and 2020, peaking at a GH₵459 million loss in 2016, BOST has achieved a remarkable turnaround. The company posted a “hat-trick” of profits: GH₵161 million in 2021, GH₵202 million in 2022, and a projected GH₵510 million in 2023. Additionally, trade losses were reduced from GH₵858 million in 2022 to GH₵677 million by June 2023.
This turnaround began two years ago when Managing Director Edwin Provencal took office in August 2019, facing the daunting task of reversing the company’s financial woes. Under his leadership, and with the guidance of Board Chairman Ekow Hackman, BOST has been steered towards profitability through a focus on professionalism and strategic growth.
Looking Ahead
To maintain this growth momentum, BOST is continuing with several key initiatives. These include the Depot Upgrade Project to enhance operational efficiency, the Front-End Engineering Design (FEED) for the Akosombo pipeline, and repurposing the Accra Plains Depot for liquified petroleum gas (LPG) storage and distribution. Additionally, BOST is pursuing new initiatives in Information Technology (IT), artificial intelligence (AI), and Energy Transition to ensure sustained success.
Shining Example
Ordinarily, the AGM of a state-owned company might not make headlines. However, BOST’s impressive turnaround story highlights what can be achieved with effective national leadership and professional integrity. This success story serves as an inspiration, demonstrating that Ghana’s political and business leadership can achieve remarkable results. Hats off to the board, management, and staff of BOST for their outstanding achievements.
Rodney Nkrumah-Boateng, Head of Communications & Public Affairs Unit, Ministry of Energy.
