The Minister for Energy, Hon. Matthew Opoku Prempeh has stated that, the remarkable performance of BOST, reinforces his firm belief that State-Owned Enterprises can generate profits, pay dividends and make significant contributions to the government’s fiscal policies with the right leadership, attitude and balance.
BOST achieved a net profit after tax of GHS 342,494,604 as compared to GHS 160,718,361 in the previous year, which is an increase of 112%.
The Energy Minister made this statement during the 2023 Annual General Meeting (AGM) of BOST held in Accra.
An effectively functioning TOR he noted, would 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.
He commended BOST for its outstanding achievements and the positive impact it has made on the energy sector.
BOST Margin he hinted, saw an upward revision from 7 to 9 pesewas per litre in 2022, facilitating the commissioning and initiation of major works such as, the Commissioning and operationalization of the Tema-Akosombo-Petroleum Pipeline; Completion of the Kumasi; Rehabilitation Project; Repair and commissioning of tanks at Accra Plains Depot (APD); Construction of Bulk Road Vehicles (BRVs) park at Accra Plains Depot and the Completion of Tema-Kumasi Pipeline Front End Engineering Design (FEED).
The Minister on behalf of the government and the people of Ghana, express appreciations to the Board of Directors, Management and staff of BOST saying, the progress made exemplifies the path they should continue to follow, and encouraged them to increase the momentum to sustain the performance and strive for even greater heights.
BOST according a Hon. Matthew Opoku Prempeh, has transitioned from negative equity position of (GHS 248,190,799) in 2021 to positive equity position of GHS 86,466,542 in 2022.
“This positive equity now places BOST on a sound footing to enable the company pay dividends to the government”.
BOST model he averred, should serve as an example for all SOEs. “I have full confidence that the Public Enterprises Ministry and SIGA will spare no effort in encouraging and leading other SOEs to full their mandates and vision”.
He said, it appears whenever the efficiency of BOST improves, it challenges the @ certain private stakeholders, leading to allegations and calculated mudslinging
On his part, the Board Chairman of BOST, Mr. Ekow Hackman revealed that, revenue from gasoline sales increased by 224%, from GHS 340,633,871 to GHS 1,103,299,71, whilst gasoil sales increased by 352%, from GHS 331,063,261 to GHS 1, 495,912,905.
The downstream Oil sector in Ghana Mr. Hackman stated, experienced a contraction with consumption of petroleum products falling by 8.7%.
He however indicated that, notwithstanding the downturn,
BOST operating income increased by 69% fromn GHS 254,291,419 in 2021 to GHS 428,923,102 in 2022.