Energy Minister praises BOST; calls on SOEs to grow profit to support Gov’t’s fiscal policies
Minister for Energy, Mathew Opoku Prempeh, has said BOST’s success of recording a net profit of GHS 342m in 2022, a 112% increase in profit when compared to the GHS 161m net profit recorded in 2021, contributes to the fiscal policies of the government and supports our national growth and development agenda.
Commending the Management and staff of BOST for achieving an impressive 113% increase in profit during the Annual General Meeting of the company, Mr Opoku Prempeh noted it is his expectation that other State-Owned Enterprises (SOEs) will learn from the BOST story and replicate the company’s performance.
“The remarkable performance of BOST reinforces my firm belief that State-Owned Enterprises can generate profits, pay dividends and make significant contributions to the government’s fiscal policies with the right leadership, attitude and balance.”
“This, I believe will ensure that government can effectively execute its flagship programs using revenues generated by its SOEs. The BOST model should serve as an exemplary example for all SOEs,” he stated.
Aside growing its net profit from GHS 161m in 2021 to GHS 342m in 2022, BOST has also transitioned from a negative equity position of (GHS 248,190,799) in 2021 to a positive equity position of (GHS 86,466,542) in 2022.
The positive equity position of BOST, now places the company on a sound footing to enable the company pay dividends to the government.
Speaking further at the AGM, the Minister noted that the BOST Margin saw an upward revision from 7 to 9 pesewas per litre in 2022, facilitating the commissioning and initiation of major works.
These include the;
∙ Commissioning and operationalization of the
Tema-Akosombo-Petroleum Pipeline.
∙ Completion of the Kumasi Rehabilitation
Project.
∙ Repair and commissioning of tanks at Accra
Plains Depot (APD).
∙ Construction of Bulk Road Vehicles (BRVs)
park at Accra Plains Depot.
∙ Completion of Tema-Kumasi Pipeline Front
End Engineering Design (FEED).
