BizTech: How BOST achieved its positive operational turnaround

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Fri, 30 Sep 2022 Source: www.ghanaweb.com

After posting ten years of consecutive losses, Bulk Oil Storage and Transportation Limited recorded an increase in profit of GH¢161 million in the 2021 fiscal year.

This development is due to a core business strategy and an increase in petrol and diesel sales revenue of about 83 percent.

Managing Director of BOST, Edwin Provencal, taking his turn on GhanaWeb TV's BizTech, said the state-owned firm also adopted the effective utilisation of revenue generated from the nine pesewas BOST margin on petroleum products.

He explained that proceeds from the petroleum levy were used to undertake renovation and repair works on fuel depots, decommissioning faulty tanks, revamping four river barges for fuel transportation, among others.

Mr. Provencal said careful examinations with management and staff of BOST have since culminated in positive results but stressed there is more to be done to improve the firm's operations.

"Despite these positives, we are still not there yet, but I am optimistic we are on the right path as there is more work needed to be done here at BOST toward the development of the petroleum downstream sector," he told GhanaWeb's Mawuli Ahorlumegah.

He, therefore, stressed that state-owned enterprises in the country could become profitable and valuable with the right leadership, collaboration and effective direction.

Watch the full interview on below:


Source: www.ghanaweb.com
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