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The net profit margin of the Bulk Oil Storage and Transportation Limited Company (BOST) has increased from GH₵161 million in 2021 to GH₵342 million in 2022.This was disclosed by the board chairman of BOST, Mr Ekow Hackman, during the institution’s 2nd annual general meeting held at their office in Accra on Thursday, August 17, 2023.
He said the 2022 net profit is 112% of the amount made in the previous year.
“The transformation that BOST has undergone over the past three years is truly remarkable. The company has been turned from a heavily indebted one to a highly profitable one. In 2022, BOST increased its net profit by 112% to GH₵342 million from GHS161 million in 2021. This performance should be viewed in the context of a miserable run of losses which had been recorded for more than a decade until 2021,” he added.

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The Board Chairman (Left), the minister of Energy, Dr. Mathew Opoku Prempeh and the MD of BOST, Edwin Provencal

Mr Ekow attributed the achievement to its strategic decision to revamp its business model centrally. “Central to our transformation has been the restoration of our business model, which involves the effective utilization of our strategically located fuel depots connected by a network of pipelines and barges. The revival of these assets has enabled us to deliver fuel products securely and cost-effectively to consumers across the country. Through the dedicated efforts of our management and workforce, we have significantly increased the revenue-generating assets of the company to 97% from a trough of 34% in 2017. We are committed to ensuring that 100% of our assets are generating revenue by the end of 2023.” He also said the increase in the BOST margin from 7 pesewas to 9 pesewas in December 2022 provided them with the necessary resources to repair and maintain BOST’s facilities, many of which are situated in areas where the private sector is absent.

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The minister of Energy, Dr. Mathew Opoku Prempeh

The Minister of Energy, Dr Matthew Opoku Prempeh who also graced the occasion commended the management of BOST for moving the state institution from a debt-ridden firm to profit-making. “On behalf of the government and the people of Ghana, I would like to express my sincere appreciation to the Board of Directors, Management and staff of BOST. The progress made by BOST exemplifies the path we should continue to follow, and we encourage you to increase the momentum to sustain this performance and strive for even greater heights.”
“BOST’s success contributes to the fiscal policies of the government and supports our national growth and development agenda. It is my expectation that other State-Owned Enterprises (SOEs) will learn from the BOST story and replicate this performance. This, I believe will ensure that government can effectively execute its flagship programs using revenues generated by its SOES,” the Minister added.


The minister of Energy giving a speech

He disclosed that government was in the process of revamping the Tema Oil Refinery to enable it complement BOST’s efforts by refining products and delivering them for storage and distribution “thereby alleviating the burden of high prices for Ghanaian petroleum consumers.”


Mrs Harriet Amoah, Head of Legal and General Counsel and the Minister for Education, Dr. Yaw Osei-Addo-Twum exchange documents after signing the MOU.

Bulk Oil Storage and Transportation (BOST) Company Limited has signed a memorandum of understanding (MoU) with the Ministry of Education to sponsor 50 brilliant needy students in the impacted communities of the company to pursue Engineering and Computer Science Courses in seven public universities.

The sponsorship package according to BOST is Ghc1.5 million covering accommodation, tuition, a laptop and a stipend to support the 50 selected students to pursue their respective courses for four years.

Each of the selected students in the scholarship scheme gets Ghc7, 500 a year.

At the brief ceremony to officially sign the MoU, Mrs Harriet Amoah, Head of Legal and General Counsel of BOST said the decision of the company to enter into a partnership with the Ministry of Education to offer a scholarship to the students formed part of the company’s corporate social responsibility.


Mrs Harriet Amoah and the MInister of Education

Mrs Amoah noted that it was the policy of BOST to give back to the communities within which it operates in diverse ways, by recognising the social and developmental gaps and being a leading force within the community.

According to BOST, the proposal of the Minister of Education Dr Yaw Osei Adutwum to train engineers, especially those in the impacted communities in the country sounded good to the company since it has tank farms across the various regions bearing the risks in the event of any explosion.

“To us, when the children of these communities remain poor, then the time may come in the future when they must feed and one quick way would be to punch a pipeline to get some oil to sell and that would result in the distraction of critical national infrastructure and the loss of lives.


Some Officials of BOST at the ceremony

BOST jumped on and quickly recruited 50 sons and daughters of the poorest of the poor in these impacted communities of BOST to be enrolled as part of the larger vision of the Hon. Minister for Education Dr Yaw Osei Adutwum to become better people to better their communities for the safety of BOST infrastructure and Ghana as a whole because joblessness is a national security risk in our view”, she said.

Scholarship Scheme                                        

On the 9th of December 2021, the Ministry of Education wrote to BOST to partner with it to provide scholarships to needy but brilliant students throughout the country to pursue Engineering and Computer Science Degrees/Courses at seven public universities in the country.

BOST responded positively in line with its CSR Policy on Education but insisted that such sponsorships from the company should go directly to its impacted communities in the country.

BOST together with the Ministry of Education went to all its impacted communities or areas (Kpone and Shai Osudoku Districts in Greater Accra Region, Lower Manya and Asuogyaman District in the Eastern Region, Kaasi Municipal Assembly in the Ashanti Region, Central Gonja District in the Savanna Region, Savelugu District in the Northern Region, West Mamprugu District in the North-East Region and Bolgatanga Municipal in the Upper East Region).

Over 200 candidates were screened in all the above-listed communities and 50 were deemed to have qualified to receive the BOST scholarship.

The selected students have started their schooling at the Tarkwa School of Mines.

BOST Signs MoU with Ministry of Education to Sponsor 50 Students to Pursue Engineering

Ministry of Education Remarks

Dr Yaw Osei Adutwum, the Minister of Education expressed his excitement and appreciation to Bulk Oil Storage and Transportation Company Limited for making his dream come through by sponsoring these 50 students to study Engineering and Computer Science for free.

Dr Adutwum disclosed that the partnership allowed 50 per cent of the selected students in the impacted communities to study Engineering and Computer Science without any science background in high schools.


Officials from the Ministry of Education

He explained that there was a one-year intensive pre-engineering programme that brought in students who did Visual Arts, Home Economics and Business courses in high schools but were determined to become engineers to be taught Mathematics, Advanced Mathematics, Physics, Chemistry and Biology.

“BOST decided to allow the students in these impacted communities who have not done science to be part of this programme. 50 per cent of the students sponsored by BOST are students who had no science background in high school.

They did integrated science but they didn’t do physics, biology and chemistry like other students. These students went through a one-year engineering programme at the University of Mines and Technology (UMaT), and others began their journey from engineering because they have done science”, he disclosed.

He added that “those who did the pre-engineering programme are now in level 100 and I am informed that they are doing so well”.

“Today with the support of BOST, we have students whose future is going to be different because an opportunity has been extended to them that they would never have had. What BOST is doing is not just the fact that they are supporting students to do engineering but they are also supporting those students who would never have had the opportunity to become engineers.

The story of the students is going to link up with the story of BOST, an organisation that is so progressive that they are willing to bring along people who are growing up in their most impacted communities to change their fortunes and future and to make them great individuals and also allow them to be individuals who will be part of the story of Ghana that this nation’s fortunes in the coming years will be better than its past”, he said.

Credit: bost-corpcom/peacefm.

Bulk Oil Storage and Transportation (BOST) Company Limited, a State-Owned fuel logistics company, has been adjudged the beacon of corporate governance by Vice President, Dr Mahamudu Bawumia for its operational excellence and strategic growth into a profitable company.


The Vice President of the Republic of Ghana addressing the gathering at the ceremony, to his immediate left is the Borad chairman of BOST, Mr Ekow Hackman and next to him is Mr Edwin Provencal, MD of BOST.

He observed that BOST, which in 2017 was saddled with liabilities of $624 million, Legacy loans of GHS284 million, Bulk Distribution Companies (BDCs) claims of $37 million, and GRA Tax Liability of GHS47 million, making the company unattractive for credit lines to stay in business.

Traditionals at the Head Office Launch

Some traditional authorities were there to grace the occassion

The Vice President was speaking at the commissioning of the new Head Office of BOST, said 30 per cent of the company’s tanks had been decommissioned with three out of the company’s 6 depots non-operational.

“Four river barges were out of commission, the entire network of pipelines of 361km across the country were out of service and 77km of 12-inch pipes procured under US Exim facility had been detained in Houston for over 10 years as a result of a contractual dispute.

Dignitaries with VP

Dignitaries including former Managing Directors, the Board Chair, member of Parliament for Ayawaso West Wuogon as well as the MD and his deputy in a group picture with the vice president of the Republic, Dr. Mahmoud Bawumia(in the middle) after the ceremony.

“There was a picture of a company that was being run down. To complete this chaotic picture, the BOST account had been unaudited for 3 years, making it very difficult to determine the company’s financial position and no bank was going to extend a credit loan to a company which had no audited account”, he narrated.

Staff at the Ceremony

A section of staff at the ceremony

Dr Bawumia applauded the Board under the chairmanship of Mr Ekow Hackman for the approval of a 5-year turnaround strategy from 2020 to 2024 prepared by the management of BOST and led by the Managing Director, Mr Edwin Provencal to save the company from insolvency.

He added that “the strategy between the board and management which focused on enhancing operational excellence and aggressively growing the business sought to make BOST profitable, ensure the development and effective implementation of policies to fully utilised all BOST assets and automate the company’s processes and most importantly be the beacon of corporate governance in the country."


A front view across the street of the new Head Office.



The new multi purpose BOST Head Office

The Bulk Oil Storage and Transportation Limited Company has gained access to its multi-purpose headquarters building in Accra.
The new edifice was commissioned by the Vice President, Alhaji Dr. Mahmoud Bawumia in Accra.
The commissioning ceremony was attended by government officials led by the Vice President, Dr. Mahmoud Bawumia, traditional authorities and stakeholders in the energy industry.

The commissioning of the $39 million new Head Office mark the company’s 30 years historical milestone to find its permanent location.


A side view of the BOST new Head Office

The Vice President noted that “Today marks a significant milestone in the 30 years history of BOST, having transitioned from Diamond House through Heritage Towers to Roman Ridge, Airport Residential and Dzorwulu; finally, the company has found its permanent location,” he said.

The building was conceived around 2015 as part of plans to ensure that BOST staff work in a conducive environment.

On 15th June 2015, BOST engaged a construction company to design, build and finance the construction of a new Head Office building, 7-storey twin blocks at a total cost of $39 million.

The building was to be completed in 24 months.
Between 2016 and 2022, the project underwent a value-for-money audit, an EOCO audit, a re-evaluation by an independent valuer, PPA ratification and a valuation for the updated scope. But notwithstanding all these challenges, the building has finally been completed and commissioned.
The new head office building is located on the Gulf Street, South Legon, Accra.

The Managing Director of the Bulk Oil Storage and Transportation Limited Company (BOST), Edwin Alfred Provencal is adjudged as the Petroleum Sector Chief Executive Officer of the Year, 2022 at the 6th Ghana Energy Awards.


Vice President, Dr Bawumia (In the middle), was there to grace the Ceremony

The Ghana Energy Awards is a prestigious award representing the only National award in the Ghana energy and petroleum industry.
The awarding panel takes into consideration the contributions of companies, agencies and individuals in the country’s energy and petroleum sector and bestows honours on those who distinguish themselves in their fields of endeavor.


The Board Chairman of BOST, Ekow Hackman (On the right) and Managing Director with the certificate and prestigious plaque at the Ceremony

Among the companies and agencies that were nominated for various categories of honors under the GEA Awards included the National Petroleum Authority, NPA, Ghana Gas Company Limited, Petroleum Commission, Energy Commission, Bui Power Authority, Electricity Company of Ghana, Ghana Grid Company and other SOEs in the energy sector. Private companies like Bulk Oil Distribution Companies, Petrosol, and TotalEnergies, among others.


Pictorial presentations at the Award Ceremony

Sources close to the GEA and familiar with their judging criteria indicated the many possible reasons that tipped the scales in Mr. Edwin Provençal’s favour. The sources affirmed that the massive turnaround witnessed at BOST during Mr. Edwin’s stewardship from a loss-making entity to a profit making company and the revival of three defunct depots, reactivation of its petroleum product pipelines, and the resumption of marine operations on the Volta Lake were hinted to be among the reasons for the honour bestowed on Mr. Edwin Alfred Provencal as the CEO of the year for the Petroleum Sector.

Under his stewardship BOST paid off most its debts through internally generated funds and made a profit of Ghc160 million after audit by the Auditor General Department. After receiving the prestigious awards Mr. Edwin expressed gratitude to God and Country for the award and praised his staff and management team for their wonderful contributions towards this feat.

He promised that the team at BOST will leave no stone unturned in delivering the BOST mandate of providing fuel security for the nation. The Board Chairman of BOST, Ekow Hackman, who witnessed the event further assured that the heat is on and that BOST is on track towards becoming a beacon of excellence in the running of State-Owned Enterprises in the country.
He was optimistic that BOST will become a household name when it comes to institutions that adhere to the positive emerging trends in corporate governance.

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