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Business News of Wednesday, 25 November 2020

Source: www.ghanaweb.com

BOST saves US$26 million after forensic audit of debt

The Bulk Oil Storage and Transportation Company Limited (BOST) has saved some US$26 million out of the debt it owed the Ghana Chamber of Bulk Oil Distribution Companies (CBOD).

This was achieved after a forensic audit was done on the monies BOST was expected to pay CBOD.

According to the Managing Director of BOST, Edwin Provencal, the measure taken was relevant for the sustainability of his outfit.

“When I got into office, I didn’t just go ahead to pay the debt we owed CBOD. I asked for another forensic audit and guess what, we saved another US$26 million from the debt we owed CBOD.

He revealed that the audit carried out on the CBOD debt has reduced the amount to US$10 million.

“We have finished the forensic audit and the actual debt is around US$10 million now from US$36 million which was earlier presented. Hopefully, we will clear that debt in the first quarter of 2021 if we are unable to do it this year”.

Mr Provencal further indicated that his administration has been able to clear a chunk of BOST's debt.

“The last four years, out of the US$624 million, we have paid almost US$568 million. That is huge money.”

Meanwhile, presidential candidate of the National Democratic Congress (NDC), Mr John Dramani Mahama, has accused the current government of collapsing Tema Oil Refinery (TOR).

He has however pledged to revive the Tema Oil Refinery (TOR) and the Bulk Oil Storage and Transportation (BOST) if he is elected president in the December 7 general elections.

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