The Executive Director of the Africa Centre for Energy Policy (ACEP), Benjamin Boakye, has questioned the relevance of the Bulk Oil Storage and Transportation Company Limited (BOST) in Ghana’s downstream energy sector, citing inefficiencies, mismanagement, and a deviation from its core mandate of maintaining strategic fuel stocks.
Speaking on an Accra-based television network on Saturday, Mr. Boakye expressed concerns over BOST’s shift to commercial operations, which he said unfairly competes with private Bulk Distribution Companies (BDCs) and undermines the sector’s efficiency.
“BOST was established to build capital and compete internationally while maintaining strategic stocks. However, it has shifted focus to commercial activities, rendering BDCs less competitive globally,” Mr. Boakye stated.
He criticized government interventions like the “gold for oil” policy, which, according to him, have failed to resolve systemic issues in the sector, draining nearly GHS 8 billion annually from taxpayers with no clear benefit.
“There are ways to maintain strategic stocks without injecting public funds into the private sector. The inefficiencies and political interests sustaining BOST’s existence need to be addressed,” he argued.
Mr. Boakye revealed that ACEP is preparing a report to expose the challenges in the downstream sector, emphasizing the need for transparency, accountability, and better policy alignment to optimize tax revenue generation.
“If BOST’s purpose is to maintain strategic stocks, and it has failed to do so, then why does it exist?” he questioned, highlighting the broader implications for fuel availability and pricing.
Mr. Boakye concluded by urging policymakers to refocus efforts on building a resilient energy sector that supports national development and consumer needs.
The ACEP boss’s remarks have ignited discussions about the future of Ghana’s downstream energy policies, with stakeholders eagerly anticipating the upcoming ACEP report.
Story by: Joshua Kwabena Smith
Comments