The Africa Centre for Energy Policy (ACEP) has put forth a compelling argument for the commercialization of the Bulk Oil Storage and Transportation Company (BOST). Apexnewsgh reports
The think tank is also advocating for BOST’s eventual listing on the Ghana Stock Exchange, suggesting that it could lead to greater transparency and efficiency in the energy sector.
During a media briefing held on January 15, Kodzo Yaotse, the Policy Lead for Petroleum and Conventional Energy at ACEP, highlighted concerns regarding BOST’s current operations. He pointed out that the company collects a GHp 12 margin on every litre of petroleum, purportedly to sustain its operations and maintain strategic reserves. However, ACEP contends that BOST has not fulfilled its mandate effectively.
According to Yaotse, BOST has strayed from its core responsibilities and now controls around 20% of the petroleum import market through the controversial Gold for Oil program. This shift has raised eyebrows, particularly as BOST reportedly garners nearly GHȼ600 million annually from margins on petroleum products while competing against private businesses that operate under taxation.
Yaotse stressed the need for a reevaluation of BOST’s role in the market. “The market we operate in now shows that we do not need BOST. Or, if we are to keep BOST, we should commercialize it and list it on the stock exchange,” he said. He emphasized that such changes could enhance accountability in BOST’s operations and ultimately lessen the financial burden on consumers, potentially saving them another GHp 0.12 in payments.
As the debate continues, the future of BOST remains uncertain, but ACEP’s push for reform could pave the way for significant changes in Ghana’s downstream petroleum sector.
Source: Apexnewsgh.com
