A report by the State Interests and Governance Authority (SIGA) covering the 2020 Financial Year shows the Bulk Oil Storage and Transport Company (BOST) made a loss of GH¢291 million.
Also, in 2019, BOST recorded a net loss of GH¢101.4 million.
This means that between 2019 and 2020, BOST made a combined loss of some Ghc400million.
Interestingly, last year, Mr. Edwin Provencal, Managing Director (MD) of BOST, claimed he had made a profit of GH¢30 million at the end of 2020.
In June 2021, Mr. Provencal made the claim when he took his turn at a weekly media engagement by State-own Enterprises (SoEs) then under Stephen Asamoah Boateng.
He had claimed that he had anticipated a loss of Ghc86 million, however, BOST rather made a GH¢31 million profit.
Meanwhile, in what critics point out as a possible cover-up of these humongous losses, the Director of Corporate Communications and External Relations at the BOST, Malick Adjei, claimed that BOST has turned the loss-making situation around.
Speaking on Joy FM’s Top Story on Monday, April 11, 2022, Mr. Adjei indicated this concerning the profit before tax situation, adding that BOST is profitable.
“When you study the audited financial statement of BOST from 2016, 2016 there was a loss before income tax of GHC533 million-plus which is half a billion. It declined to GHC112 million, and as of 2019, GHC158 million was the loss before income tax, so to have made GHC9.8 million profit before tax is where we say that we have turned the loss-making situation around,” he said.