• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

BOST ready to explore opportunities in AfCFTA – MD says

3 years ago
in Business, Economy, Energy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
71
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

BOST ready to explore opportunities in AfCFTA – MD says

The managing director of the Bulk Oil Storage and Transportation Company Limited (BOST), Edwin Provencal, has stated that the company is now prepared to take advantage of the African Continental Free Trade Area (AfCFTA) after revitalizing its revenue-generating infrastructure.

Provencal, during a recent appearance on the #PatrioticSpaces of Twitter, discussed the company’s success story since he took over.

Provencal revealed that, at the time of his appointment, BOST was heavily burdened with debt due to years of managerial inefficiencies, with only 18% of its revenue-generating assets operational.

The pipelines connecting Tema to Akosombo and Buipe to Bolga were out of service, as were the company’s marine infrastructure, including its tug and floating boats. 50% of the company’s depots were also not working.

To turn the company around, Provencal began with a thorough evaluation of its books and infrastructural health. He then devolved two key strategies, generated through the implementation of a “balance scorecard framework”.

The strategy was focused on enhancing operational excellence by reviving all dead assets, completing old projects, and aggressively growing the business. The company was also rebranded and a new corporate culture was established based on performance.

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

As a result of implementing these strategies over the past five years, BOST has been able to pay off almost 98% of its US$624 million trade liability debt and 100% of its GHC416 million legacy debt.

The company has also saved US$26 million after a forensic audit showed it owed US$11 million, not US$37 million, to the claimants.

Provencal and his team have since repaired the company’s pipelines and 12 of the 15 tanks that had been decommissioned, leading to a remarkable turnaround for the company. After 11 years of losses, BOST recorded a profit after tax of GHC168.8 million last year.

The managing director states that almost 90% of the company’s infrastructure is now back online, and it is ready to take advantage of the AfCFTA to provide value to Ghanaians.

Tags: AFCFTABOST ready to explore opportunities in AfCFTA - MD says
No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.