BOST told to turn profit, pay dividend by 2025, as it rebrands as BOST Energies

By Kizito CUDJOE

The Bulk Energy Storage and Transportation Company (BOST), soon to be renamed BOST Energies, has been directed to turn a profit and declare dividends to the state by the end of 2025, as the country’s asset regulator demands stronger accountability from loss-making state-owned enterprises.

The call came at BOST’s 2025 Annual General Meeting (AGM) in Accra, where the State Interests and Governance Authority (SIGA) reminded the management and board of their obligation to show measurable gains in operational efficiency and financial performance.

The Director-General of SIGA, Prof. Michael Kpessa-Whyte, said the company’s 2025 performance contract required clear progress in cost optimisation, revenue generation and asset maximisation.

He stressed that accountability extended beyond SIGA’s oversight to the people of Ghana. “The board and management must demonstrate accountability. Every decision must be justified by its contribution to national development and value creation,” Prof. Kpessa-Whyte said.

The intervention is on the back of ongoing calls on state-owned enterprises (SOEs) to improve their balance sheets at a time when the government faces tight fiscal conditions and growing public expectations. Many SOEs have struggled with losses, debt accumulation and governance weaknesses, prompting calls for reforms to reduce their burden on the state.

In his keynote address, the Minister for Energy and Green Transition, John Jinapor, praised BOST’s recent operational improvements but urged management to be more ambitious.

He said the firm needed to strategically position itself as a major supplier in the country’s petroleum downstream sector while also accelerating investments that align with the country’s energy transition agenda.

“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, noting that the government expected SOEs to support the broader National Energy Transition Framework.

The Board Chairman of BOST, Prof. Saint Kuttu, reaffirmed the company’s commitment to its core mandate of guaranteeing Ghana’s strategic petroleum reserves and providing reliable storage and transportation infrastructure.

He highlighted ongoing efforts to rehabilitate ageing infrastructure, expand digitalisation and strengthen governance at board level.

“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,” Prof. Kuttu said.

The AGM also adopted the audited financial statements for 2024. The shareholders approved the company’s rebranding from Bulk Energy Storage and Transportation Limited Company (BOST) to BOST Energies, signalling a new era for the enterprise.

The rebrand aligns with the government’s transition framework and is designed to position the company for a future that balances traditional petroleum operations with cleaner, more sustainable energy initiatives.

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

The meeting brought together key stakeholders, including the Chief Executive Officer (CEO) of the National Petroleum Authority (NPA), representatives of the Ministry of Finance and the Ghana Audit Service, alongside the board and management of BOST.

BOST, established to manage Ghana’s strategic petroleum reserves and ensure adequate storage and transportation infrastructure, has faced financial challenges in recent years but is seeking to rebuild its position as a reliable player in the energy sector.

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