BOST shines at Ghana CEOs Summit 2024 with top honors for leadership
The Bulk Oil Storage and Transportation Limited Company (BOST) has been the center of attention at the prestigious Ghana CEOs Summit 2024, held at the Kempinski Gold Coast City Hotel in Accra.
The company’s remarkable turnaround story was celebrated with its Managing Director, Dr. Edwin Alfred Provencal, and the Chairman of the Board, Mr. Ekow Hackman, receiving the ‘Outstanding CEO of the Year’ and ‘Board Chairman of the Year’ awards, respectively.
The accolades, as highlighted in their citations, were in recognition of the significant transformation under their leadership, propelling BOST to become the top-performing state-owned enterprise in the country. In just one year, BOST leaped from eighth to fourth place on the Public Enterprise League Table, with expectations set high for further advancement in the next assessment.
Reflecting on the company’s journey, the end of the 2016 financial year painted a grim picture. BOST had suffered three consecutive years of losses, peaking at GH₡459 million, amidst a backdrop of crumbling infrastructure that left its revenue-generating assets at a mere 18 percent.
The company was also grappling with debts exceeding US$600 million to suppliers and related parties, alongside a substantial GH₡400 million owed to domestic banks. With half of its depots inoperative and all marine assets out of commission, BOST was facing dire straits.
However, by 2021, the tide had turned. BOST reported a profit of GH₡163 million, which more than doubled to GH₡342 million after tax in the 2022 financial year. The revitalization of its assets from 18 percent to an impressive 95 percent operational capacity, including all six depots, pipelines, and marine assets, has been a key driver of revenue growth.
The company’s performance did not go unnoticed beyond Ghana’s borders. In 2023, BOST was honored as the ‘most transformed public enterprise in Africa’ in Kenya, a testament to its significant progress.
The Managing Director, Dr. Edwin Alfred Provencal and the Chairman of the Board, Mr. Ekow Hackman attributed the success to the cooperation of the management team and the dedication of all staff members.
‘Their collective efforts have been instrumental in steering the company to its current heights,’ the two management members acknowledged.
In attendance at the event was the former President John Dramani Mahama, as the guest of honor, as well as representatives from various sectors of the company to celebrate the achievements of BOST and its leaders.
