Vice President, Dr. Mahamudu Bawumia has commissioned a $39 million new office complex for the Bulk Oil Storage and Distribution Company (BOST).
The new office located at Shiashie, will serve as the permanent office of the state-owned company.
Commissioning the facility at a colourful ceremony on Wednesday, 15th March 2023, Dr. Mahamudu Bawumia highlighted the key role BOST plays in the economy, specifically, in the growth of the petroleum sector.
He also described BOST as a perfect example of an effectively run State Owned Enterprise having changed its fortunes from a debt-riddled company to a profit-making organization under its current management.
“Our own BOST is now a shining example of an effectively run state-owned enterprise. It is quite remarkable to make that statement. I am well aware of the history of the company. As of 2017, BOST was saddled with liabilities of $624 million, legacy loans of GH¢284 million, BDC claims of $37 million…so you see a picture of a company that was being run down. BOST accounts at the time had been unaudited for three years making it very difficult to determine the company’s financial position”.
“After implementing measures to prevent the company from entering insolvency, the Board and Management under the Chairmanship of Ekow Hackman approved a five-year turnaround strategy from 2020 to 2024. This strategy between the Board and Management with enhancing operational excellence measures and efficient corporate governance programmes sought to make the company profitable,” he said.
“From a debt position of $624 million, the company posted GH¢163 million profit after tax and made a positive impact regarding its operational efficiencies in 2021,” he added
In a brief remark, the Board Chairman of BOST, Mr. Ekow Hackman said the new office building brings to an end, years of the company moving its management operations from one office to another to a new permanent structure.
He noted that the 7-story office building will give workers of the company the comfort to go about their daily duties and will inure to the overall success of the company which is now posting profits.
The new head office of BOST, situated on 7,000 square metres of land, comprises seven floors, parking space, an executive floor and a cafeteria.
Other ancillary facilities are kitchenette, two generators, three elevators and underground fuel and water tanks.
Present at the ceremony were the Managing Director of the company, Edwin Provencal, board members of BOST, senior government officials and staff of the company.