The Ghana CEOs Summit 2024, held at the prestigious Kempinski Gold Coast City Hotel in Accra, witnessed a remarkable milestone as the Bulk Oil Storage and Transportation Limited Company (BOST) took center stage.
The company’s incredible turnaround story was celebrated in style, with its Managing Director, Dr. Edwin Alfred Provencal, and Chairman of the Board, Mr. Ekow Hackman, receiving the coveted ‘Outstanding CEO of the Year’ and ‘Board Chairman of the Year’ awards, respectively.
The accolades recognized the dynamic leadership and strategic vision of Dr. Provencal and Mr. Hackman, who have transformed BOST into the top-performing state-owned enterprise in Ghana. In just one year, the company leaped from eighth to fourth place on the Public Enterprise League Table, with expectations soaring for further advancement in the next assessment.
BOST’s journey to success was not without its challenges. In 2016, the company faced a dire financial situation, with three consecutive years of losses totaling GHâ‚¡459 million. Its infrastructure was crumbling, with only 18% of its revenue-generating assets operational. The company was also burdened with debts exceeding US$600 million to suppliers and related parties, as well as GHâ‚¡400 million owed to domestic banks. Half of its depots were inoperative, and all marine assets were out of commission.
However, under the leadership of Dr. Provencal and Mr. Hackman, BOST embarked on a remarkable transformation journey. By 2021, the company reported a profit of GHâ‚¡163 million, which more than doubled to GHâ‚¡342 million after tax in the 2022 financial year. The revitalization of its assets from 18% to an impressive 95% operational capacity, including all six depots, pipelines, and marine assets, has been a key driver of revenue growth.
BOST’s success story has not gone unnoticed beyond Ghana’s borders. In 2023, the company was honored as the ‘most transformed public enterprise in Africa’ in Kenya, a testament to its significant progress. Dr. Provencal and Mr. Hackman attributed the success to the collective efforts of the management team and the dedication of all staff members.
In a Facebook post, the CEO remarked “Grateful and Honored. On Monday, at the CEOs Summit in Kempinski, Accra, on behalf of my team, I received the ‘Overall CEO of the Year – Public Sector’ award. This recognition is a testament to the hard work, dedication, and resilience of our entire team at Bulk Energy Storage and Transportation Limited Company.
He congratulated the Board Chairman, Mr. Ekow Hackman, for being recognized as ‘Board Chairman of the Year.’
“Your leadership has been instrumental in our success”, he said.
Thank you to the Ghana CEO Summit for this tremendous honor. Here’s to achieving even greater milestones together!
The Ghana CEOs Summit 2024 ceremony was attended by the former President John Dramani Mahama as the guest of honor, as well as representatives from various sectors of the company, who gathered to celebrate the achievements of BOST and its leaders. The event marked a proud moment for the company, its employees, and the nation as a whole.