Finance

BOST records GHC400million in losses – SIGA report

Md Bost 2019 Md?resize=1000%2C600&ssl=1

Mr Edwin Provencal, Managing Director (MD) of the Bulk Oil Storage and Transportation (BOST) who claimed he made a profit of GHC30Million at the end of 2020 has been exposed by the report of the State Interest and Governance Authority (SIGA).

In June last year, Mr. Provencal received applause when he took his turn at a weekly media engagement series by State-own Enterprises (SoEs) then under Stephen Asamoah Boateng and claimed that although he budgeted to make a loss of Ghc86 million, BOST rather made a clean Ghc31 million profit, which has now been exposed as a lie.

Mr. Provencal claimed the Company, BOST used to be saddled with numerous challenges such as loans and debt payments, however, under his leadership, the fortunes had turned around.

However, a comprehensive report by SIGA covering the 2020 Financial Year shows BOST made a loss of GHC291 million.

Not only that, but further checks revealed under the same Managing Director, BOST recorded a net loss of GHC101.4Million in 2019 totalling a combined loss of almost GHC400million in under 2 years under Mr. Edwin Provencal.

The Net profit margin of BOST under Mr. Provencal has therefore grown from negative -28% to -45% from 2019 to 2020.

Source: www.mynewsgh.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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