At the recent CEOs Summit held at the Kempinski Gold Coast City Hotel in Accra, Dr. Edwin Alfred Provencal, Managing Director of Bulk Oil Storage and Transportation Company Limited (BOST), and Mr. Ekow Hackman, Chairman of the Board, received special recognition as ‘Outstanding CEO of the Year’ and ‘Board Chairman of the Year,’ respectively.
Their awards, according to citations, recognize the significant transformation they have spearheaded at the company, making it the best-run state-owned enterprise in Ghana.
Under their leadership, the company rose from eighth to fourth on the Public Enterprise League Table within a year and is expected to achieve even higher rankings in the next assessment.
Reflecting on the state of the company at the end of the 2016 financial year, it had experienced three consecutive years of losses, with the highest loss being GH₵459 million in 2016. At that time, deteriorating infrastructure had reduced its revenue-earning assets to just 18%.
Additionally, the company was indebted to suppliers and related parties by over $600 million and owed domestic banks more than GH₵400 million. With three out of six depots across the country non-operational and all marine assets grounded, the company was in dire straits.
By 2021, the company’s fortunes had turned around, posting a profit of GH₵163 million, which more than doubled to GH₵342 million in the 2022 financial year. Revenue-earning assets have improved dramatically from 18% to 95%, with all six depots, pipelines, and marine assets fully operational and generating substantial revenue.
The company’s remarkable turnaround was recognized continent-wide in 2023 when it was named the ‘Most Transformed Public Enterprise in Africa’ at an event in Kenya. This extraordinary improvement validates the recognition given to Dr. Provencal and Mr. Hackman.
Both executives credited the company’s management team and staff for their cooperation and contributions, which have been instrumental in achieving this success.
The event’s guest of honour was former President John Dramani Mahama, with representation from various sectors of the company.
