Napo Commends BOST For GH¢164m Profit

Dr Matthew Opoku Prempeh

Minister of Energy, Dr. Matthew Opoku Prempeh, popularly known as Napo, has appealed to State Owned Enterprises (SOEs) to emulate the example of Bulk Oil Storage and Transport Company (BOST) for the profit recorded for 2021 after 11 years deficit.

The company recorded a net profit after tax of GH¢160,718,361 in the 2021 financial year from the previous year of GH¢292,235,973.

Speaking at the maiden annual general meeting of BOST on Wednesday in Accra, he indicated that State Owned Enterprises could grow to feed the government with the right leadership and set of attitudes.

“I believe the Public Enterprises Ministry and SIGA leave no effort behind in encouraging and leading SOEs to deliver on their mandate and help government to make the lives of the people better,” he stated.

The minister added that Tema Oil Refinery (TOR) complements the effort of BOST by refining products and delivering same for storage and distribution, to ensure consumers are saved the difficulty of high prices of products either due to the desire to make a profit or real global challenges.

He indicated that government was working to ensure Tema Oil Refinery works efficiently by refining products and delivering same to BOST for storage and distribution, to achieve a sustainable solution to the fuel challenges.

He, however, stated that despite effort by some people to undermine BOST to perform as a viable national asset, government is working to resource BOST to hold stock to fulfil its mandate.

The Board Chairman, Ekow Hackman, said the board over the past few years has transformed BOST from a heavily indebted company owing more than $624 million as of January 2017 to one with less than $30 million at the end of 2021.

“We have restored the business model on which the company was established, to have several operational fuel depots placed in strategic parts of the country linked by a network of pipelines and barges to enable secure and cost-efficient delivery of fuel products around the country,”  he added.

BY Prince Fiifi Yorke