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The Africa Centre for Energy Policy (ACEP) has called for the commercialization of the Bulk Oil Storage and Transportation Company (BOST) and its eventual listing on the Ghana Stock Exchange to ensure transparency and efficiency in its operations.
ACEP argues that BOST, which collects a 12 pesewas margin on every litre of petroleum to fund its operations and maintain strategic reserves, has failed to fulfil its core mandate.
According to the energy think tank, BOST has deviated from its primary responsibilities and now controls about 20% of the petroleum import market under the Gold for Oil program. Additionally, the company reportedly generates nearly GH₵600 million annually from petroleum margins while competing with private entities that are subject to taxation.
Speaking at a media briefing on “Downstream Petroleum Products Taxation: A Call to Action” on January 15, Kodzo Yaotse, Policy Lead for Petroleum and Conventional Energy at ACEP, emphasized 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,” Yaotse stated. “This will ensure transparency and accountability in BOST operations while reducing the burden on consumers. That’s another GHp 0.12 removed from payments,” he added.
ACEP believes that transitioning BOST into a commercially driven entity will not only reduce the financial burden on consumers but also foster greater efficiency and accountability within the downstream petroleum sector.
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