BOST has cleared over GHC384m debt – MD

The Bulk Energy Storage and Transportation Limited (BOST) has successfully cleared 100% of its trade debt and loan obligations, totaling more than GHS 384 million, marking a major financial milestone for the company.

During a media briefing in Accra on November 6, the Managing Director, Dr. Edwin Provencal, outlined the significant transformations the company has undergone, including the resolution of long-standing tax arrears and the completion of audited financial statements covering the period from 2015 to 2023.

Strategic Projects Drive Revenue Growth

In addition to settling its debts, Dr. Provencal emphasized that BOST has implemented a series of strategic initiatives to increase revenue.

Among these are the completion of vital infrastructure projects, such as the Tema to Akosombo Petroleum Pipeline (TAPP) and the Bolga to Buipe Pipeline. These projects, now equipped with advanced leak detection systems, play a crucial role in safeguarding Ghana’s fuel infrastructure.

Dr. Provencal highlighted the importance of these achievements, stating, “Achieving this level of debt repayment while enhancing operational capabilities is a testament to our commitment to financial transparency and growth.”

Financial Turnaround Driven by Strong Governance

The financial turnaround at BOST, according to Dr. Provencal, can be attributed to strong corporate governance and operational discipline.

He described the company’s improved financial standing as a result of strategic management that has positioned BOST as a model for other state-owned enterprises in Ghana.

“This achievement demonstrates that BOST is not only on a path to financial sustainability, but also to becoming a key player in delivering energy solutions for Ghana,” Dr. Provencal said.

Revenue-Earning Assets Surge to 98%

BOST’s focused efforts to modernize its infrastructure and optimize operations have significantly improved its revenue-generating capacity. The company’s revenue-earning assets have risen from 18% in 2017 to an impressive 98% today, signaling a major leap in operational efficiency and financial strength.

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