BOST Archives - Wontumi Online

07 Feb

Former BOST MD Defends ‘Gold For Oil’ Programme, Rejects Criticism

CUD Wontumi0 CommentsBusinessBOST, Dr. Edwin Alfred Nii Obodai Provencal

The former Managing Director of the Bulk Oil Storage and Transportation Company Limited (BOST), Dr. Edwin Alfred Nii Obodai Provencal, has robustly defended Ghana’s ‘Gold for Oil’ (G4O) initiative against recent criticisms. His response comes after remarks by Dr. Riverson Oppong, CEO of the Association of Oil Marketing Companies (AOMC), who questioned the programme’s efficacy and transparency. In a rejoinder, Dr. Provencal emphasised the programme’s success in stabilising fuel prices and reducing foreign exchange pressures. He noted, “Premiums on petroleum products dropped from $135 per metric tonne to $65 currently, and diesel prices have fallen from GHS23 per litre in…

28 Jan

National Chief Imam Visits BOST

CUD Wontumi0 CommentsBusinessBOST, Chief Imam

Alhaji Dr. Sheikh Osmanu Nuhu Shaributu, the revered Chief Imam of Ghana, paid a significant visit to the Head Office of the Bulk Oil Storage and Transport Company (BOST) in Accra on Monday, January 27, 2025. This visit was particularly special as it was aimed at congratulating the newly appointed Managing Director, Mr. Afetsi Awoonor, who is regarded as a son of the Chief Imam. The bond between their families runs deep, as Alhaji Dr. Sheikh Osmanu Nuhu Shaributu was a long-time friend of Afetsi’s late father, the esteemed Professor Awoonor. During his visit, the Chief Imam expressed his heartfelt…

26 Aug

BOST Clears Debts and Overcomes Pipeline Controversy-MD Highlights Achievements

wontumionlineFeatured, News, TrendingBOST, debt, Pipeline Controversy

Bulk Oil Storage and Transportation (BOST) has cleared all its debts, including a significant 160 million cedis bank debt, with the help of the government and its own funds. Managing Director, Dr. Edwin Alfred Nii Obodai Provencal revealed that the company had also paid rent fees of over 7 million dollars for pipelines that were not shipped to Ghana due to a change in government. Speaking to Kwaku Dawuro on Movement In The Morning show on Movement TV, the MD said that despite this setback, BOST has bounced back and is now focused on maintaining its profitability and efficiency. "We've…

02 Oct

RE: BOST Buys Eighteen (18) IPhones At Twenty-Eight Million Ghana Cedis (GHS28 Million)

wontumionlineNewsBOST, Bulk Energy Storage and Transportation Limited Company

Accra-September 30, 2023-The Bulk Energy Storage and Transportation Limited Company has noted with dismay a section of a procurement report making rounds in the traditional and social media space claiming the company bought 18 iPhones at a cost of Twenty-Eight Million, Five Hundred and Forty-One Thousand, Two Hundred and Sixty-One Ghana Cedis (GHS28,541,261.00) for some critical officers of the company. We would like to respond to the misinformation as follows: 1. The company bought eighteen (18) pieces of iPhone 13 Pro Max phones for our corporate executives in May 2022. 2. The total cost of the phones stood at Two…

27 Apr

BOST Signs MoU With MoE For The Sponsorship Of 50 Engineering Students

wontumionlineNewsBOST, Bulk Oil Storage and Transportation Company Limited

The Bulk Oil Storage and Transportation Company Limited (BOST) has signed a Memorandum of Understanding with the Ministry of Education to pay for the education of 50 engineering students enrolled at the University of Mines and Technology Tarkwa. The BOST Scholarship Scheme which forms part of the state-owned company’s Corporate Social Responsibility (CSR) will cover the 4-year university education of the 50 beneficiaries. Delivering the opening address at a ceremony for the signing of the MoU at its head office on Wednesday, April 26, 2023, the Head of Legal at BOST, Harriet Amoah gave a brief background about the scheme.…

26 Apr

BDCs Sometimes Import Petroleum At Prices Lower Than Gold-For-Oil Programme – BOST

wontumionlineBusinessBOST, Edwin Alfred Provencal

The Managing Director of the state-owned Bulk Oil Storage and Transportation Company, Edwin Provencal, has confirmed that some private bulk distribution companies (BDCs) have been importing petroleum products at rates cheaper than imports under the government’s gold for oil programme. The gold for oil programme is a government initiative under which the state, through BOST, is importing petroleum products and paying with gold instead of foreign exchange. It was rolled out in response to recent depreciation in the value of the cedi against major international trading currencies and government’s inability to raise loans on the international markets, leading to a…

16 Mar

BOST Example Of An Effectively Run State Owned Enterprises – Dr. Bawumia

wontumionlineBusinessBOST, Dr. Mahamudu Bawumia

Vice President, Dr Mahamudu Bawumia has called on management and boards of State Owned Enterprises (SOEs) to aggressively review their activities to fulfill the aspirations for which they were established and also contribute their quota to national development. Dr Bawumia underscored that a well-focused and managed SOE is crucial to sustained national development, and it is important that the management of such entities live up to expectations. The Vice President said this when he opened an ultra-modern Head Office for the Bulk Oil Storage and Transportation Company Limited (BOST) in Accra on Wednesday, March 15, 2023. He expressed delight that between 2017…

15 Mar

‘Gold For Oil’ Policy To Save Ghana $4.8bn Annually – Bawumia

wontumionlineBusinessBOST, Dr. Mahamudu Bawumia, Gold For Oil

Vice President Dr Mahamudu Bawumia says the country will save $4.8 billion annually from the ‘Gold for Oil’ policy which began this year. According to him, the ‘Gold for Oil’ policy which is now in its third month is already yielding a positive impact and is expected to cause a reduction in prices of petroleum products at the pumps from March 16, 2023. Dr Bawumia who was speaking at the commissioning of a new head office for the Bulk Oil Storage and Transportation Company in Accra said, the country will make an annual savings of $4.8 billion to cushion the…

14 Mar

It’s Only Fair That Transport Unions Reduce Transport Fares- BOST CEO

wontumionlineFeatured, News, TrendingBOST, Gold for Oil deal

The Managing Director of Bulk Oil Storage and Transportation, Edwin Alfred Provencal, has urged the Ghana Private Roads and Transport Union (GPRTU), to reduce transport fares, as fuel prices have been reduced. Speaking on Movement in the morning show on Movement TV/ Wontumi Radio, he noted that it's just fair that the transport unions also speak to their members to reduce transport fares, as fuel prices, the reason for which the drivers increased transport fares, has been reduced. "I want to use your platform to appeal to the GPRTU that they reduce transport fares. It's not fair that prices of…

14 Mar

G4O Deal Aimed At Reducing Prices Of Everything Including Condoms- BOST Managing Director (VIDEO)

wontumionlineFeatured, News, TrendingBOST, Edwin Alfred Provencal, Gold for Oil deal

The managing Director of Bulk Oil Storage and Transportation (BOST), Edwin Alfred Provencal, has noted the outmost benefit of the Gold for Oil Deal by the government is to reduce the price of fuel to a single digit. Explaining the rationale behind the deal on Movement in the morning show on Movement TV/ Wontumi Radio, he noted the deal is geared towards reducing the pressure on the dollar, which will in turn reduce the prices of oil and will subsequently impact the prices of goods. He noted that when COVID-19 was declared a pandemic, the whole economy worldwide came to…