IES wants govt to fund BOST repairs, expansion

The Institute for Energy Security (IES), is calling on government to consider funding the repairs and expansion of the Bulk Oil Distribution Storage and Transportation Company (BOST), with proceeds from the Price Stabilization Levy.

BOST, is believed to be operating at about 25 per cent of its capacity.

Executive Director of IES, Paa Kwesi Anamoah Sakyi who made this known to Class Business said, BOST needs new investments to support its infrastructure expansion to meet current demand.

“The last time they sought to introduce the increment was wrong timing; fuel price was going up and they were increasing more taxes and levies, it was wrong timing”, he noted.

“We understand very well and we all know that time value of money is something that is in business that you need to consider, and so these 3 pesewas that was given to them or have today was some years ago, so the value has eroded overtime, so they need to introduce additional one to help them have enough cash to operate. So, we support the increment of additional 3 pesewas’, said Mr. Anamoah Sakyi.

“Of course, we have grown as a country, we might need to expand the infrastructure to be able to meet the strategic fuel purposes. So if you want to move it to 9 pesewas or more we can look at it. All of us have seen the waste going around and we need to save the situation”, he emphasised.

He, however, said that “Our concern is that whether we give 3 pesewas or additional 9 pesewas, will you be put to efficient use because we have seen time and time again that money has been misapplied inefficiently in the BOST system.”