The Managing Director of the Bulk Oil Storage and Transportation, Dr. Edwin Provencal has briefed the media today November 6, 2024 that the company has finally settled its long standing debt it owed GRA as tax.
The debt which comprised long standing tax and audited accounts which spanned from 2015 to 2023 was about GH¢34 million
In addition to the debt clearance, the MD indicated that BOST has 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”, the MD emphasized.
Dr. Edwin Provencal attributed the financial turnaround to his strong corporate governance and operational discipline.
He stated that the financial achievement highlights BOST’s strategic management approach that positions 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.
