Vice President, Dr. Mahamudu Bawumia, has inaugurated a $39 million new office facility for the Bulk Oil Storage and Distribution Corporation (BOST).
The new Shiashie office will be the state-owned company’s permanent headquarters.
Dr. Mahamudu Bawumia, who dedicated the facility at a colourful ceremony on March 15, 2023, emphasised the critical role BOST plays in the economy, notably in the expansion of the petroleum sector.
He also characterised BOST as a superb example of a well-managed State Owned Business, having transformed itself from a debt-ridden corporation to a profit-making enterprise under its present administration.
“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, and 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.
He continued by saying that 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.
Mr. Ekow Hackman, the Board Chairman of BOST, stated in a brief statement that the new office building ends years of the firm relocating its managerial functions from one location to another to a new permanent structure.
He stated that the 7-story office building would provide comfort to firm employees as they go about their daily activities and will contribute to the company’s overall prosperity, which is presently profitable.
BOST’s new headquarters, built on 7,000 square metres of land, has seven stories, parking, an executive level, and a restaurant.
A kitchenette, two generators, three elevators, and subterranean fuel and water tanks are also available.
The event was attended by the business’s Managing Director, Edwin Provencal, as well as BOST board members, key government officials, and company employees.
