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Business News Tue, 5 Nov 2019

$150 million needed to turnaround BOST Ghana’s strategic energy asset

An amount of $150 million is needed to turnaround Bulk Oil Storage and Transportation Company Limited (BOST), Ghana’s key strategic energy asset.

The Managing Director of BOST, Edwin Provencal who disclosed this to some members of Institute of Financial and Economic Journalists (IFEJ) at workshop held in Dodowa in the Greater Accra Region, said the amount is crucial for the revival of the company.

Out of this amount, over $64 million will be invested into the upgrading and rehabilitation of the company’s obsolete storage infrastructure dotted across its operational areas.

While the remaining amount according to Mr Provencal would go into the training of the company’s manpower, security, and others.

The new funding which is expected to come from the Ghanaian government and other investors would help the company to become economically viable within the next two to three years, he told the journalists over the weekend.

This Mr Provencal who was recently appointed as the MD said would enable the company to have enough money to undertake new projects and complete ongoing ones.

“So, we are strategizing to increase our internally generated revenue to enable us finance our operations and pay dividend to the government”, he said.

Instructively, BOST is a 100% Government of Ghana owned company with a mandate to develop and maintain a national network of facilities for bulk storage, transportation and distribution of petroleum products to meet a minimum of 12 weeks’ national consumption.

Source: africaneyereport.com