Dr. Oscar Provencal
The Bulk Energy storage and Transportation Limited (BOST), has repaid its trade debt and loan obligations of GH¢ 384 million as at November 2023.
Managing Director of BOST, Dr. Oscar Provencal, who made this known at the Ministry of Information’s ‘Meet the Press’ series yesterday in Accra said the company in addition to the successes chalked also recorded a profit of GH¢10.6 billion in November 2023.
He said the company has also cleared GH¢9 million debt owed the BDC’s, about GH¢47 million taxes owed the Ghana Revenue Authority (GRA), legal suits amounting to about GH¢161 million against the company in courts, 109 million dollars contracted from Eximbank.
The MD who attributed the financial turnaround to the strong corporate governance and operational discipline of the staff said the company’s revenue-earning assets have also increased from 18% in 2017 to 98%.
“We repaired all moribund infrastructure as part of the strategy when I assumed office in 2019 with a strong team. We worked hard to ensure we don’t only become efficient with a social objective but also become profitable.
He said to ensure it continues to become profitable and achieve it mandate as required, it immediately adopted workable strategies which has yielded 100% results in the last five years.
He said the company tackled and completed all critical projects like the Tema to Akosombo Petroleum Pipeline, the Bolga to Buipe pipeline which now operate with leak detection systems to secure Ghana’s fuel infrastructure.
The MD said the company also financed some critical infrastructure to enable them generate revenue, upgraded its marine facilities depots across the country which were all non functional in 2016 to enhance operational excellence.
He said though it was unable to meet its target for the year as expected, it has however been able to achieve 71% optimisation, 98 minutes turnaround time as well as 64% customer satisfaction.
The MD stated that the company which recorded about GH¢528 million as administrative expenses in 2016 has been able to reduce those expenses to GH¢221million in 2022 despite several projects that were also upgraded by the company.
He said given how they anticipate several other factors may affect its operations in the near future, including reduction in the use of oil, among other factors globally, it has embarked on various projects and initiatives including automation to sustain its operations.
By Ebenezer K. Amponsah