Ghana: BOST clears over 90% of legacy debts

The Bulk Oil Storage and Transportation (BOST) Company Limited in the Republic of Ghana, which was choking on huge legacy debts under the former administration, is now breathing as greater part of its debts has been cleared.

The state-owned strategic petroleum stock keeping company had a debt portfolio of about US$623,602,303 when the current administration took over in January 2017.

That comprised legacy trade debts (US $668million), GCB loan (GHS 58.4million), UBA loan (US$20million), Stanchart loan (US $137million), UMB loan (US $10million) and BDC’s claim ($36 million).

According to the current management of BOST led by Mr. Edwin Provencal, US $566,190,869 million out of the US623,602,303 debts was paid as at 30th June, 2019.

The company’s outstanding legacy debt now stands at US$57,411,434.

According to a document presented by Dr. Mohammed Amin Adam, Deputy Energy Minister, at the Energy Manifesto Town Hall organised by CBOD, six out of 15 petroleum storage tanks which were not in used because of poor condition had now been repaired.

Among the other achievements of the current administration was the repair of one tag boat and two river barges which are currently operational.

The document also mentioned the ongoing depots upgrading, GRA tax savings of GHS11 million and the ongoing rehabilitation of Tema-Akosombo Petroleum pipeline.