The recent recognition of Bulk Energy Storage and Transportation Limited (BOST) at the Made in Ghana Awards (MIGA) in Accra by the Entrepreneurs Foundation of Ghana showcases the remarkable transformation of the company under its current management.

BOST was awarded the title of "Legacy Petroleum Storage Company of the Year 2023" at MIGA.

Additionally, the Managing Director of BOST, Dr. Edwin Provencal, was also acknowledged for his crucial role in guiding the state-owned enterprise (SOE) under the leadership of the Chairman of the Board of Directors, Ekow Hackman, from financial distress to a position of strength and stability within Ghana’s energy sector.

Dr. Provencal was honored with the prestigious award of "Distinguished Public Sector CEO of the Year 2023."

The recognition at MIGA highlights BOST’s success story, which has unfolded over the past few years. Once burdened with debt, BOST has undergone a significant turnaround, emerging as one of Ghana’s most successful SOEs.

Under its leadership, BOST has achieved steady financial growth, accumulating a total profit of GH¢710 million between 2021 and 2023.

Despite global economic pressures, including the impact of imported inflation, the company recorded a profit of GH¢208 million in 2023, following GH¢342 million in 2022 and GH¢160 million in 2021.

In addition to its financial performance, BOST’s operational capacity has expanded significantly. The volume of fuel traded surged by 235 percent, from 318.3 million liters in 2022 to 1.1 billion liters in 2023.

This rapid growth has allowed the company to increase its market share from 8% in 2022 to 29% in 2023. Furthermore, the value of BOST’s fixed assets grew from GH¢1.478 billion in 2022 to GH¢1.620 billion in 2023, reflecting ongoing investments in infrastructure.

These achievements have not gone unnoticed. BOST has consistently received recognition in the Public Enterprises League Table (PELT) Awards, which evaluate public entities based on corporate governance and performance.

After ranking 3rd in 2021, BOST temporarily dropped to 10th in 2022 but rebounded to secure the 7th position in 2023, showcasing the company’s resilience and commitment to operational excellence.

The recognition at the Made in Ghana Awards, in conjunction with ongoing accolades through PELT, signifies a significant milestone in BOST’s transformation.

Under the leadership of Dr. Edwin Provencal and with the support of Board Chairman Ekow Hackman and the Board of Directors, BOST has not only improved its financial standing but also strengthened its strategic role in managing Ghana’s oil reserves and energy infrastructure.

These awards affirm BOST’s vital contribution to the energy sector and serve as a testament to the company’s leadership and vision for the future.