The Management of State-own Bulk Oil Storage and Transportation Company Limited BOST have been exposed for using a Daily Graphic Publication to dress their smelling public image following an exposé by the Minority in parliament.
The latest claim of turnaround and profit has once again being questioned by John Jinapor who has provided facts and data to support his argument against BOST, now led by controversial Edwin Provencal and a “weak yes-man” Board Chair, one Ekow Hackman, who have both been fingered in double-dealing management decisions.
The sponsored Daily Graphic Publication falsely claimed that after 11 years of recording losses, BOST under their questionable leadership made “remarkable turnaround recording GH¢168.8 million profit after tax last year”.
However, Minority ranking member on the Mines and Energy Committee of Parliament John Jinapor has exposed the claim. “Last year we were told BOST made profit for the 2020 financial year only to be hit with the reality that the company actually made a loss of GH¢291.02 million”, he wrote in reply to the Graphic claims. This year we are told the company made profit for the 2021 financial year, but they conveniently refuse to tell us that the BOST Margin has witnessed an increment of 100% from GHp6 to GHp12 per litre for the year under review.
This new increase for BOST comes on the back of an initial 100% increase, from GHp3 to GHp6 per litre in 2020.The BOST Margin which is free money (Tax) to the company has therefore witnessed a commulative increment of 200% within two years.” He ended.
Meanwhile, the 2020 report by the State Interests and Governance Authority (SIGA) covering the 2020 Financial Years show the Bulk Oil Storage and Transport Company (BOST) made a loss of GH¢400 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.
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