By Ronald Njoroge
Ghana’s Bulk Oil Storage and Transportation Company Limited (BOST) now known as BulK Energy Storage & Transportation (BEST) Limited is projecting revenues of 10 billion Ghana Cedi ( 871 million U.S. dollars) for 2023, up from 3 billion Ghana Cedi’s recorded in 2022, an official of the company disclosed on Saturday, a day after the APSCA awards ceremony.
Edwin Alfred Nii Obodai Provencal, managing director of (BEST) said the increase in sales will be driven by rising demand for affordable fuel in the Ghanaian market as well as from its landlocked countries in the north such as Mali and Burkina Faso.
“Due to our efficient processes we are the most preferred source of refined petroleum products,” Provencal said in Nairobi, Kenya’s capital city.
BEST which is a Ghanaian state owned enterprises is mandated to develop a network of storage tanks, pipelines and other bulk transportation infrastructure throughout the country as well as keep the Strategic Reserve Stocks for Ghana.
The Company currently has 6 depots nationwide which are located in the Accra Plains, Mami Water, Akosombo, Kumasi, Buipe and Bolgatanga and a pipeline network of about 360 km.
Provencal said BEST plans to double its pipeline network through a public private partnership.
The firm is planning to partner with private investors to build about 360 km additional pipeline network at a cost of circa 400 million U.S. dollars.
“We are going to float a competitive tender bid in the last quarter of this year. Actual construction of the pipeline is set to begin in May and be complete after 24 to 36 months,” Provencal said.
Ekow Hackman, board chairman of BOST said that the net profit margin of BOST has increased from GH₵161 million in 2021 to GH₵342 million in 2022.
This is a remarkable turnaround as the company has been making losses in the previous decade.
Due to the company’s improved performance, BEST emerged as winners during the 4th Africa Public Sector Conference & Awards (APSCA) that took place on the sidelines of during the Africa Climate Week in Nairobi, Kenya.
The APSCA Awards, which aim to acknowledge excellence in public policy innovation and outstanding leadership across various levels of governance
awarded BOST the most transformed public enterprise in Africa.
The Ghanaian state enterprise also won the silver award for the public sector team, while Edwin Alfred Provencal won a personal award as the best public sector CEO in Africa.