General News Sat, 9 Apr 2022

BOST records GH¢400 million in losses - SIGA report

Edwin Provencal, Managing Director (MD) of the Bulk Oil Storage and Transportation (BOST) who claimed he made a profit of GH¢30 million at the end of 2020 has been exposed by the report of the State Interest and Governance Authority (SIGA).

In June last year, Mr. Provencal received applause when he took his turn at a weekly media engagement series by State-own Enterprises (SoEs) then under Stephen Asamoah Boateng and claimed that although he budgeted to make a loss of Ghc86 million, BOST rather made a clean GH¢31 million profit, which has now been exposed as a lie.

Mr. Provencal claimed the Company, BOST used to be saddled with numerous challenges such as loans and debt payments, however, under his leadership, the fortunes had turned around.

However, a comprehensive report by SIGA covering the 2020 Financial Year shows BOST made a loss of GH¢291 million.

Not only that, but further checks revealed under the same Managing Director, BOST recorded a net loss of GH¢101.4 million in 2019 totalling a combined loss of almost GH¢400 million in under 2 years under Mr. Edwin Provencal.

The Net profit margin of BOST under Mr. Provencal has therefore grown from negative -28% to -45% from 2019 to 2020.
Source: www.mynewsgh.com
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