BOST clears GHC384million debt

By Isabella Agyakwa

The Bulk Energy Storage and Transportation Limited Company (BEST) has repaid 100% of its trade debt and loan obligations, totaling over GHC384 million.

Speaking at the Minister’s Press Briefing organised by the Information Ministry, the Managing Director of BEST, Dr. Edwin Provencal, noted that the oil company had gone through dramatic changes, including the resolution of long-standing tax arrears and audited accounts spanning 2015 through 2023.

In addition to the debt clearance, he disclosed that his outfit had implemented several strategies to boost revenue, including the completion of critical projects like the Tema to Akosombo Petroleum Pipeline (TAPP) and the Bolga to Buipe Pipeline, which now operate with leak detection systems to secure Ghana’s fuel infrastructure.

“Achieving this level of debt repayment while enhancing operational capabilities is a testament to our commitment to financial transparency and growth,” he emphasised.

Corporate governance

Dr. Edwin Provencal attributed the financial turnaround to his strong corporate governance and operational discipline.

He stated that the financial achievement highlighted BOST’s strategic management approach that positioned it as a model for Ghanaian state-owned enterprises.

“BOST is on a path to sustainability, not just in finances but in energy solutions for Ghana,” Dr. Provencal noted.

With these initiatives, BOST’s revenue-earning assets have surged from 18% in 2017 to 98% today.

Depot project

Additionally, Dr. Provencal revealed that BOST was expected to complete Phase 1 of the Accra Plains and Kumasi depots project.

He emphasized that the upgrades, along with broader network improvements, aimed to create a more resilient and responsive oil supply chain in Ghana.

“This upgrade is not just about improving our infrastructure, but about setting a new standard for operational excellence across our sector,” he said.

According to him, the company’s dedication to enhancing Ghana’s fuel infrastructure will reach a major milestone with these improvements. He added that the upgrades were crucial step towards achieving the company’s long-term vision and also boost operational efficiency.

“We believe this will enhance our capacity to meet Ghana’s fuel demands efficiently and sustainably,” he stated.

He said the upgrades rrepresented a strategic shift for BOST, as it moved from traditional oil storage and transportation towards a broader energy storage model that includes cleaner and more sustainable energy sources, such as solar and Compressed Natural Gas (CNG).

“This shift aligns with BOST’s rebranding from Bulk Oil Storage and Transportation to Bulk Energy Storage and Transportation,” he said.

He reiterated that the completion of Phase 1 was expected to reduce inter-depot loading times from four hours to one hour and 30 minutes, while barge loading times had been cut from seven days to just one.

Dr. Provencal emphasized that these improvements would have a direct impact on service delivery and customer satisfaction, strengthening BOST’s reputation as one of Ghana’s leading state-owned enterprises.