The Bulk Energy Storage and Transportation Limited Company (BOST) has convened its Annual General Meeting (AGM) at its Head Office in Accra, drawing top stakeholders from across Ghana’s energy sector.
In attendance were the Minister for Energy and Green Transition, the Director-General of the State Interests and Governance Authority (SIGA), the Chief Executive of the National Petroleum Authority (NPA), representatives from the Ministry of Finance, the Ghana Audit Service, BOST’s Board of Directors, and the company’s management team.
Delivering the keynote address, the Minister for Energy and Green Transition praised BOST’s leadership for improving operational efficiency in recent months.
He singled out Board Chairman Professor Saint Kuttu and Managing Director Afetsi Awoonor for what he described as “commendable strides” made in repositioning the state-owned company.
He, however, urged BOST to play a more active role within Ghana’s petroleum downstream sector, stressing the need for the company to align its operations with the government’s green energy agenda.
“By integrating sustainability into its core business, BOST can lead the way in building a cleaner and more resilient energy future for Ghana.
“The energy transition presents both challenges and opportunities, and BOST must ensure that it is positioned as a leader rather than a follower.”
Hon. John Abdulai Jinapor, Minister for Energy and Green Transition
Representing SIGA, the Director-General laid out clear expectations for BOST, stressing the need for the company to achieve profitability and declare dividends to the Government of Ghana by the end of the 2025 financial year.
He reminded management of the performance contract signed between SIGA and BOST earlier in the year, which set targets for revenue generation, cost optimisation, and asset utilisation.
“The Board and Management must demonstrate accountability not only to SIGA but also to the Ghanaian people who ultimately own this enterprise.
“Every decision must be justified by its contribution to national development and value creation.”
Director-General of SIGA
His remarks underscored the government’s push for state-owned enterprises to reduce reliance on state support and become financially sustainable entities capable of generating returns for the economy.
BOST’s Commitment to Mandate
Board Chairman Professor Saint Kuttu reiterated BOST’s mandate to safeguard Ghana’s strategic petroleum reserves while ensuring adequate storage and distribution infrastructure for the petroleum downstream sector.
He outlined steps being taken to strengthen the company’s operations, including rehabilitation of aging storage depots, digitalisation of processes, and corporate governance reforms aimed at improving accountability and transparency.
“We are committed to ensuring that BOST fulfils its national mandate effectively while also pursuing financial sustainability.
“Our ongoing investments in infrastructure and technology will make BOST more efficient and more responsive to the needs of the Ghanaian economy.”
Professor Saint Kuttu Board Chairman of BOST
Managing Director Afetsi Awoonor also took the opportunity to highlight the company’s achievements over the past seven months.
He noted that despite operational and financial challenges, BOST had made significant progress in stabilising its operations and restoring confidence among stakeholders.
He stressed that BOST was determined to strengthen its role as a reliable supplier within the petroleum downstream value chain, ensuring that Ghana remains energy secure while supporting regional trade.
“Our vision is to transform BOST into a commercially viable entity that is not only meeting its strategic mandate but also contributing to economic growth.
“We recognise that energy security is critical to Ghana’s development, and BOST remains fully committed to playing its part.”
Afetsi Awoonor, Managing Director of BOST
The 2025 AGM highlighted both the progress made and the challenges ahead for BOST. While the company has made strides in improving efficiency and governance, it faces mounting pressure from government and regulators to deliver profitability, integrate green energy solutions, and maintain strategic reserves.
Stakeholders agree that the company’s future success will depend on balancing its public mandate with commercial viability, leveraging innovation and sustainability to remain relevant in a rapidly evolving energy landscape.
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