The Bulk Oil Storage and Transportation (BOST) company has transitioned from a negative equity position of (GHS 248,190,799) in 2021 to a positive equity position of (GHS 86,466,542) in 2022.
The positive equity position of BOST, now places the company on a sound footing to enable the company pay dividends to the government given that it is a state-owned enterprise (SOE).
The positive equity position of the company is on the back of a record GHS 342m net profit recorded in 2022.
Speaking at the 2nd Annual General Meeting (AGM) of the company, Minister for Public Enterprises, Joseph Cudjoe, noted that BOST’s positive equity position of GHS 86 million is the first in the last 11 years.
According to him, BOST’s turnaround is a significant development aligned with the Ministry’s goal of addressing long-standing challenges that have bedeviled State Owned Enterprises and prevented them from recording profit.
“The BOST model has vindicated my preposition that with the right balance, management of SOEs can make huge profit from the substantial assets they possess,” he stated.
The Minister expressed optimism that given the GHs 342m net profit recorded by BOST in 2022, the company will move up the Public Enterprises League Table (PELT) from its current 8th position.
The Public Enterprises League Table (PELT) promotes competition among public enterprises.
“I am aware that BOST is at the twilight of the implementation of their 2020-2024 Strategic Plan which aims to transform the company from a loss-making entity to a profitable one that pays dividends.”
“I commend management for being able to achieve this goal, two years ahead of schedule. I reaffirm my commitment to supporting BOST in diverse ways to sustain this remarkable achievement,” he quipped.