This is as a result of prudent governance system and efficient operational practices introduced by the Board and Management of the Company over the past four years.
Dr Edwin Alfred Provencal, the Managing Director of BOST, announced this during a news briefing organised by the Ministry of Information in Accra on Wednesday, to update the public on the successes chalked by the Company.
Dr Provencal noted that BOST was mandated by law to develop infrastructure for storage and transportation of petroleum products in the country.
He said upon assumption of Office in 2018, BOST was owing foreign suppliers to the tune of $624 million and local suppliers, GH¢384 million, however, with prudent management it had cleared all the debts and currently posting profits.
The firm had also increased its revenue assets from 18 per cent in 2017 to 98 per cent, with 51 farm tanks having a total of 361,000 metric tonnes of petroleum reserves that can last for six weeks.
The MD of BOST noted that the Company had undergone tough and dramatic challenges in recent past but was making headway and managed to pay off GHc47 million long-standing tax arrears to the Ghana Revenue Authority (GRA).
In addition to the debt clearance, the MD of BOST indicated that it had implemented several strategies to boost its revenue base and completed critical projects like the Tema to Akosombo Petroleum Pipeline and the Bolga to Buipe Pipeline.
It is also operating Leak Detection System which aided the Company to halt illegal siphoning of fuel from its pipelines and secured its fuel infrastructure.
Dr Provencal indicated that achieving 100 per cent debt repayment while enhancing operational capabilities was testament to commitment to financial transparency and growth.
He attributed the financial turnaround of the firm to strong corporate governance and operational discipline rolled out by the Board and Management of BOST.
The MD of BOST stated that the Company’s financial achievements highlighted its strategic management approach, which had positioned it as a model for Ghanaian state-owned enterprises to emulate.
“BOST is on a path to sustainability, not just in finances but in energy solutions for Ghana,” Dr. Provencal added.
With those initiatives, he said, BOST’s revenue-earning assets had surged from 18 percent in 2017 to 98 percent at the moment with 100 percent of its 361 kilometre oil pipelines and 51 farm tanks in full operation.
