The Africa Centre for Energy Policy (ACEP) is urging the government to commercialize the Bulk Oil Storage and Transportation Company (BOST) and list it on the Ghana Stock Exchange to enhance transparency, accountability, and efficiency in its operations.
ACEP argues that BOST currently collects a margin of 12 Ghana pesewas per litre of petroleum to fund its operations and maintain strategic reserves, a mandate the think tank believes the company has failed to uphold.
Instead of focusing on its core responsibilities, BOST has reportedly shifted its operations and now controls about 20% of Ghana’s petroleum import market through the Gold for Oil program.
Additionally, the company is said to receive approximately GH₵600 million annually from petroleum product margins, even as it competes with private entities subject to taxation.
Kodzo Yaotse, Policy Lead for Petroleum and Conventional Energy at ACEP, highlighted the need for a reevaluation of BOST’s role during a media briefing on January 15, titled “Downstream Petroleum Products Taxation: A Call to Action.”
“The current market dynamics suggest that we no longer need BOST in its current form. If it is to remain operational, it should be commercialized and listed on the stock exchange,” Yaotse stated.
He added that such a move would ensure better governance and reduce costs for consumers, potentially eliminating the GHp 0.12 margin currently added to petroleum prices.
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