“We’re not doing too well” – BOST MD admits

Mr Provencal

The Bulk Oil Storage and Transportation Company (BOST) says it requires 150 million dollars to operate efficiently.

Its Managing Director, Edwin Nii Obodai Provencal, said the institution is currently not discharging its mandate efficiently due to inadequate infrastructure and machinery.

“We are not doing too well” he said, adding “the institution has for some time now failed to efficiently discharge its mandate. Almost 80 to 90% of our transportation is done through trucks which are very expensive”.

Addressing journalists at a training workshop by the Institute of Financial and Economic Journalist (IFEJ), Mr Provencal said an investment of 150 million dollars is needed to transform and turn the fortunes of BOST around.

“We want to be number one in storage and transportation in terms of revenue market share. This means, we’re gonna have best storage and transport infrastructure. Again, we want to be aggressively export-oriented. And to achieve all these, we will require a minimum of 150 million dollars to fix the tanks, to rehabilitate the barges, to put in new pipelines, and to automate the depots to make them extremely efficient,” he said.

Mr Provencal noted an efficient BOST will help bring the price of petroleum products down further.

“The injection of the investment is to enable us generate enough IGF and pay dividend to the people of Ghana. An efficient BOST achieving its vision will bring the price of product down further”.

Mr Provencal said the capital injection would enable the company move from its current state of loss-making and low capitalisation to a profit-making and dividend-paying company.

He said BOST will be able to rake in 810 million dollars in three years if government injects 150 million dollars in the company.

By Ibrahim Abubakar||Ghana

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