BOST clears GHS384million debt - Dr Edwin Provencal

The Bulk Energy Storage and Transportation Limited Company has repaid 100 per cent of its trade debt and loan obligations, totalling over GHS 384 million.

The Managing Director of BOST, Dr Edwin Alfred Provencal, disclosed this during a media briefing on Thursday in Accra.

He noted that the company has gone through dramatic changes including the resolution of long-standing tax arrears and audited accounts spanning 2015 through 2023.

In addition to the debt clearance, the Managing Director indicated that BOST has implemented several strategies to boost revenue.

“These include 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,” he said.

He pointed out that achieving this level of debt repayment while enhancing operational capabilities was a testament to its commitment to financial transparency and growth.

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,” he noted.

With these initiatives, he stated, BOST’s revenue-earning assets have surged from 18 percent in 2017 to 98 percent.