The newest recognition of the Bulk Energy Storage and Transportation Limited (BOST) on the Made in Ghana Awards (MIGA), in Accra, by Entrepreneurs Foundation of Ghana exhibits the outstanding transformation of the corporate below its present administration.
BOST at MIGA, was adjudged the “Legacy Petroleum Storage Company of the Year 2023.”
Additionally, the Managing Director of BOST, Dr. Edwin Provencal, was additionally acknowledged for his essential function in steering the state-owned enterprise (SOE), below the steering of the Chairman of the Board of Directors, Mr. Ekow Hackman, from monetary misery to a place of power and stability inside Ghana’s power sector.
The BOST MD was given the distinguished award of being the “Distinguished Public Sector CEO of the Year 2023.”
The recognition at MIGA underlines BOST’s success story, which has unfolded over the previous few years. Once saddled with debt, BOST has skilled a dramatic turnaround, rising as considered one of Ghana’s most profitable SOEs.
Under its management, BOST has achieved regular monetary progress, amassing a cumulative revenue of GHS 710 million between 2021 and 2023.
Despite world financial pressures, together with the influence of imported inflation, the corporate recorded a revenue of GHS 208 million in 2023 after reaching GHS 342 million in 2022 and GHS 160 million in 2021.
Beyond its monetary efficiency, BOST’s operational capability has expanded considerably. The quantity of gas traded surged by 235 %, from 318.3 million litres in 2022 to 1.1 billion litres in 2023.
This speedy progress helped the corporate improve its market share from 8% in 2022 to 29% in 2023. Additionally, the worth of BOST’s fastened property grew from GHS 1.478 billion in 2022 to GHS 1.620 billion in 2023, reflecting ongoing investments in infrastructure.
These achievements haven’t gone unnoticed. BOST has constantly obtained recognition within the Public Enterprises League Table (PELT) Awards, which consider public entities on company governance and efficiency.
After rating third in 2021, BOST confronted a brief drop to tenth in 2022 however bounced again to safe the seventh place in 2023, highlighting the corporate’s resilience and dedication to operational excellence.
The recognition on the Made in Ghana Awards, alongside the continuing recognition by means of PELT, marks a big chapter in BOST’s transformation.
Under the management of Dr. Edwin Provençal and the help of the Board Chairman, Ekow Hackman and the Board of Directors, BOST has not solely improved its monetary place but in addition strengthened its strategic function in managing Ghana’s oil reserves and power infrastructure.
The awards affirm BOST’s very important contribution to the power sector and function a testomony to the corporate’s management and imaginative and prescient for the longer term.
