ACEP claims that BOST has deviated from its primary responsibilities
The Africa Centre for Energy Policy (ACEP) has joined calls for the commercialisation of the Bulk Oil Storage and Transportation Company (BOST) and its listing on the Ghana Stock Exchange.
The Centre highlights that BOST collects a margin of GHp12 per litre of petroleum to sustain its operations and maintain strategic reserves.
However, the think tank believes that BOST has not been fulfilling its core mandate.
ACEP further asserts that BOST has deviated from its primary responsibilities and now controls about 20 percent of the petroleum import market through the Gold-for-Oil program.
Additionally, BOST reportedly receives nearly GH¢600 million annually from margins on petroleum products while competing with private businesses that are subject to taxation.
During a media briefing on “Downstream Petroleum Products Taxation: A Call to Action” held on January 15, 2024, ACEP’s Policy Lead for Petroleum and Conventional Energy, Kodzo Yaotse, called for a reevaluation of BOST’s operations.
“The market we operate in today shows that we do not need BOST. Alternatively, if we are to keep BOST, we should commercialise it and list it on the stock exchange. This will ensure transparency and accountability in its operations while reducing the burden on consumers. That’s another GHp12 removed from payments,” he stated.
ID/MA
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