The latest recognition of the Bulk Energy Storage and Transportation Limited (BOST) at the Made in Ghana Awards (MIGA), in Accra, by Entrepreneurs Foundation of Ghana shows the remarkable transformation of the company under its current management.
BOST at MIGA, was adjudged the “Legacy Petroleum Storage Company of the Year 2023.”
Additionally, the Managing Director of BOST, Dr. Edwin Provencal, was also recognized for his crucial role in steering the state-owned enterprise (SOE), under the guidance of the Chairman of the Board of Directors, Mr. Ekow Hackman, from financial distress to a position of strength and stability within Ghana’s energy sector.
The BOST MD was given the prestigious award of being the “Distinguished Public Sector CEO of the Year 2023.”
The recognition at MIGA underlines BOST’s success story, which has unfolded over the past few years. Once saddled with debt, BOST has experienced a dramatic turnaround, emerging as one of Ghana’s most successful SOEs.
Under its leadership, BOST has achieved steady financial growth, amassing a cumulative profit of GHS 710 million between 2021 and 2023.
Despite global economic pressures, including the impact of imported inflation, the company recorded a profit of GHS 208 million in 2023 after reaching GHS 342 million in 2022 and GHS 160 million in 2021.
Beyond its financial performance, BOST’s operational capacity has expanded significantly. The volume of fuel traded surged by 235 percent, from 318.3 million litres in 2022 to 1.1 billion litres in 2023.
This rapid growth helped the company increase its market share from 8% in 2022 to 29% in 2023. Additionally, the value of BOST’s fixed assets grew from GHS 1.478 billion in 2022 to GHS 1.620 billion in 2023, reflecting ongoing investments in infrastructure.
These achievements have not gone unnoticed. BOST has consistently received recognition in the Public Enterprises League Table (PELT) Awards, which evaluate public entities on corporate governance and performance.
After ranking 3rd in 2021, BOST faced a temporary drop to 10th in 2022 but bounced back to secure the 7th position in 2023, highlighting the company’s resilience and commitment to operational excellence.
The recognition at the Made in Ghana Awards, alongside the ongoing recognition through PELT, marks a significant chapter in BOST’s transformation.
Under the leadership of Dr. Edwin Provençal and the support of the Board Chairman, Ekow Hackman and the Board of Directors, BOST has not only improved its financial position but also strengthened its strategic role in managing Ghana’s oil reserves and energy infrastructure.
The awards affirm BOST’s vital contribution to the energy sector and serve as a testament to the company’s leadership and vision for the future.
