Energy Minister praises BOST for declaring profit

The Bulk Oil Storage and Transportation (BOST) Limited Company has declared profit for the first time in 11 years during its maiden Annual General Meeting in Accra.

Addressing Stakeholders, the Minister of Energy, Dr. Matthew Opoku Prempeh, who oversees the company as the sector minister explained that after 11 years of recording losses, the Bulk Oil Storage and Transportation Company Limited (BOST) made a remarkable turnaround, recording GHΒ’168.8 million profit after tax last year.

He continued that, the state-owned strategic petroleum storage distribution company, which was saddled with more than half a billion-dollar debt, has also been able to clear about 80 percent of the debt off its books.

He added that the change in fortunes of BOST demonstrates that with the right leadership and management state-owned enterprises can deliver value while contributing to strengthening government fiscal space

Dr. Opoku Prempeh also congratulated the Board of Directors and management of the company for its financial performance in the year 2021. He added that he is confident more can be achieved if the same momentum is sustained.

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