BOST has cleared over GHC384m debt – MD
The Bulk Energy Storage and Transportation Limited (BOST) has efficiently cleared 100% of its commerce debt and mortgage obligations, totaling greater than GHS 384 million, marking a serious monetary milestone for the corporate.
During a media briefing in Accra on November 6, the Managing Director, Dr. Edwin Provencal, outlined the numerous transformations the corporate has undergone, together with the decision of long-standing tax arrears and the completion of audited monetary statements overlaying the interval from 2015 to 2023.
Strategic Projects Drive Revenue Growth
In addition to settling its money owed, Dr. Provencal emphasised that BOST has carried out a sequence of strategic initiatives to extend income.
Among these are the completion of important infrastructure initiatives, such because the Tema to Akosombo Petroleum Pipeline (TAPP) and the Bolga to Buipe Pipeline. These initiatives, now outfitted with superior leak detection programs, play a vital position in safeguarding Ghana’s gas infrastructure.
Dr. Provencal highlighted the significance of those achievements, stating, “Achieving this level of debt repayment while enhancing operational capabilities is a testament to our commitment to financial transparency and growth.”
Financial Turnaround Driven by Strong Governance
The monetary turnaround at BOST, in response to Dr. Provencal, may be attributed to robust company governance and operational self-discipline.
He described the corporate’s improved monetary standing because of strategic administration that has positioned BOST as a mannequin for different state-owned enterprises in Ghana.
“This achievement demonstrates that BOST is not only on a path to financial sustainability, but also to becoming a key player in delivering energy solutions for Ghana,” Dr. Provencal mentioned.
Revenue-Earning Assets Surge to 98%
BOST’s centered efforts to modernize its infrastructure and optimize operations have considerably improved its revenue-generating cap acity. The firm’s revenue-earning property have risen from 18% in 2017 to a powerful 98% at present, signaling a serious leap in operational effectivity and monetary power.
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