We have not recorded GHC 400 million in losses – BOST fights back

The Bulk Oil Storage and Transportation Company Limited (BOST), has debunked claims that it made combined losses amounting to GHC 400 million since 2019, under Managing Director Edwin Provencal.

According to the management of the company, BOST for the first time since 2016, made a profit of GHC 9.8 million before tax in 2020, and that any claim of losses does not paint the true picture of the state-owned entity.

This follows media reports that the company had been exposed by a comprehensive report by the State Interests and Governance Authority (SIGA) covering the 2020 Financial Year that, it had made a loss of GHC 291 million and another GHC 101.4 million in 2019, contrary to Mr. Provencal’s earlier claims that the company had earned a profit of GhC 30 million, when he spoke at a media engagement series organized by SIGA, when Mr. Stephen Asamoah Boateng was the Director-General.

Management of BOST in a rejoinder maintained that, “The report of the GH¢400 million losses made by BOST is not accurate. To measure the profitability and operational efficiency of a business, one must determine whether the underlying operations (core business) of the company are profitable”.

“The Managing Director in his submission at SIGA was emphatic that the company achieved a profit before tax of GH¢9,844,673 versus an estimated GH¢30 million in year 2020 as against a loss of GH¢158,478,676 in 2019. The positive net profit before tax attained in 2020 implies a massive turnaround of the operational fortunes of the company”.

Read below the rejoinder issued by Management of BOST and an attachment of the company’s financial statement for the year ended 31/12/2020

Credit: Edward Amagyei Naaso| Angel FM| Kumasi