BOST Directed to Post Profit, Pay Dividend by 2025 Amid Rebrand

The Bulk Energy Storage and Transportation Company (BOST), soon to operate under the new name BOST Energies, has been tasked to turn a profit and pay dividends to the state by the end of 2025.

The directive came at the company’s 2025 Annual General Meeting (AGM) in Accra, where the State Interests and Governance Authority (SIGA) pressed management and the board to demonstrate measurable progress in operational efficiency and financial performance.

Director-General of SIGA, Prof. Michael Kpessa-Whyte, said BOST’s 2025 performance contract required clear improvements in cost optimisation, revenue generation and asset utilisation.

“The board and management must demonstrate accountability. Every decision must be justified by its contribution to national development and value creation,” he said, stressing that accountability extended beyond SIGA’s oversight to the Ghanaian people.

The call comes at a time when state-owned enterprises (SOEs) are under pressure to strengthen their balance sheets amid tight fiscal conditions. Many SOEs have been weighed down by losses, debt build-up and governance weaknesses, prompting sustained calls for reform to ease their burden on the state.

Delivering the keynote address, Minister for Energy and Green Transition, John Jinapor, acknowledged recent operational improvements at BOST but urged management to set higher targets.

He said the company must position itself strategically as a key supplier in the petroleum downstream sector while also accelerating investments that support Ghana’s energy transition.

“By integrating sustainability into its core business, BOST can lead the way in building a cleaner and more resilient energy future for Ghana,” Mr Jinapor said, adding that government expected SOEs to contribute meaningfully to the National Energy Transition Framework.

Board Chairman of BOST, Prof. Saint Kuttu, assured stakeholders of the company’s commitment to its mandate of safeguarding Ghana’s strategic petroleum reserves and providing reliable storage and transportation infrastructure.

“Good governance remains the bedrock of our performance, and the board has strengthened its structures, improved oversight and ensured accountability in all facets of the organisation,” he noted.

He highlighted ongoing efforts to rehabilitate ageing infrastructure, scale up digitalisation and reinforce board-level governance.

At the AGM, shareholders adopted the company’s 2024 audited financial statements and approved the rebranding of the entity from Bulk Energy Storage and Transportation Company to BOST Energies. The move, according to the company, is designed to align its operations with the government’s energy transition framework while balancing petroleum operations with cleaner and more sustainable energy initiatives.

“With this new identity, BOST Energies will continue its legacy while expanding its focus to include sustainable and cleaner operations,” a company statement said.

The meeting was attended by key stakeholders, including the Chief Executive Officer of the National Petroleum Authority (NPA), representatives from the Ministry of Finance and the Ghana Audit Service, as well as the board and management of BOST.

Established to manage Ghana’s strategic petroleum reserves and provide storage and transportation infrastructure, BOST has in recent years faced financial setbacks. The company, however, has pledged to rebuild its position as a reliable player in the country’s energy sector.