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Business News of Tuesday, 28 September 2021


We have saved Ghana from paying US$26 million to eight BDCs – BOST

Managing Director of BOST, Edwin Alfred Provencal Managing Director of BOST, Edwin Alfred Provencal

• BOST says it has saved Ghana from paying US$26 million to eight BDCs

• This was realised after independent checks proved otherwise

• Huge deposits of petroleum products allegedly went missing at BOST between 2009 and 2014

Management of the Bulk Oil Storage and Transportation Company Limited (BOST) have stated it has saved the country from paying US$26 million to eight Bulk Distribution Companies (BDCs).

This comes following huge deposits of petroleum products which allegedly went missing from tanks of the national strategic oil storage company between 2009 and 2014.

According to the Managing Director of the company, Edwin Provencal, the eight companies had initially requested BOST to pay US$37 million for 22.7 million litres worth of the missing petroleum products.

Addressing journalists at a press conference on Sunday, September 26, 2021, Edwin Provencal clarified that BOST and its current management refused making payment of the amount following independent checks which proved otherwise.

“Independent checks had shown that 8.2 million litres of petroleum products, translating to US$11 million had rather gone missing. Each of these companies who claimed they were owed US$37 million now accepted that we owe them US$11 million and a result of this we saved this country a whopping US$26 million,” he said.

Additionally, the BOST managing director said his outfit has settled a US$585 million out of a US$624 million in trade debt liabilities owed to various institutions since 2017.

The debt payment, Edwin Provencal said was done through internally generated funds and government assistance.

“We did not do that by going to government alone. BOST contributed to the payment of these trade liabilities through our internally generated funds amount to 73%,” he added.