The Bulk Oil Storage and Transportation Company (BOST) is taking critical steps to restore operational efficiency and financial stability after years of neglect, its Managing Director Edwin Provencal announced during a press briefing on Wednesday.
Mr. Provencal outlined several key initiatives aimed at revitalizing the company, with a vision of transforming BOST into a profit-generating asset for the people of Ghana.
Mr. Provencal explained that BOST was at the brink of collapse, prompting leadership to identify urgent priorities to revive the company.
"We focused on building both infrastructure and human capital to ensure long-term growth," he said, emphasizing that growth isn't limited to physical assets but also involves enhancing employee knowledge and skills.
"We recognized the need to invest in our workforce, improve infrastructure, and introduce new business lines," he added.
One major initiative includes the completion of the long-awaited 12-inch pipeline project and plans for a new pipeline from Accra to Kumasi.
Additionally, BOST is expanding into the liquid petroleum gas (LPG) business and seeking strategic partners to strengthen its trading activities.
On the operational side, Provencal highlighted efforts to restore BOST’s aging infrastructure.
"Our biggest project currently is the depot upgrade, as some of our depots date back decades, even centuries," he said, noting that automation is key to modernizing these facilities.
Marine facilities and pipelines have also been prioritized for rehabilitation.
To measure success, BOST has established a strategic framework with specific targets under the acronym SAR 9673.
Mr. Provencal explained, "Our goals are ambitious but achievable. We aim for 90% customer satisfaction, reduce our truck turnaround time from four hours to 60 minutes, improve asset optimization to 70%, and boost revenue to at least 3 billion cedis by 2024."
Provencal emphasized the shift toward a performance-driven culture at BOST, marking a new era of accountability.
"We had to redefine our approach, setting measurable benchmarks for success and holding our team accountable," he said.
BOST's revitalization strategy underscores the company's commitment to contributing to Ghana's economic growth by turning around operations and making significant investments in infrastructure, human resources, and customer satisfaction.
Story by: Joshua Kwabena Smith
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