Ghana’s Bulk Oil Storage and Transportation Company (BOST) has achieved impressive financial strides over the past three years, accumulating a total profit of GH¢710 million.
Despite a lower profit in 2023 compared to 2022, the company’s commitment to national well-being is evident.
Key Highlights:
- Profit and Equity: BOST’s 2023 profit of GH¢208 million, while lower than 2022’s GH¢342 million, is part of a larger strategy.
- Gold for Oil (G4O) Program: BOST’s role in the G4O program prioritized Ghanaians by stabilizing fuel prices amidst global fluctuations. This program lowered diesel prices from GH¢23+ per liter to an average of GH¢14.
- Increased Volume and Market Share: Fuel trade volume surged by 235% in 2023, and market share grew from 8% to 29%.
- Strategic Investments: BOST is committed to investing in human resources, artificial intelligence (AI) for efficiency, and energy product diversification to navigate the energy transition.
Looking Forward:
- Dividend Potential: The company aims to pay dividends to the government in the future.
- Continued Growth: BOST’s leadership remains focused on further financial improvement and driving growth.
Industry Recognition:
Government representatives commended BOST’s contributions, particularly its role in the G4O program’s success and its impact on stabilizing fuel prices.
BOST’s dedication to both financial growth and the well-being of Ghanaians positions them for a bright future. Their strategic plan promises to unlock new opportunities while delivering value to stakeholders.
