The Africa Centre for Energy Policy (ACEP) has proposed the commercialization of the Bulk Oil Storage and Transportation Company (BOST) and its listing on the Ghana Stock Exchange.
ACEP contends that BOST has strayed from its original mandate of maintaining strategic reserves and ensuring efficient operations, despite collecting a GHp 12 margin per litre of petroleum. The organization argues that BOST now controls about 20% of the petroleum import market, largely due to the Gold for Oil program.
Moreover, ACEP highlights that BOST generates nearly GH₵600 million annually from margins on petroleum products, yet operates in competition with private businesses that face taxation, raising concerns about the company’s sustainability and the need for better oversight.
Kodzo Yaotse, Policy Lead for Petroleum and Conventional Energy at ACEP, called for a reevaluation of BOST’s operations during a media briefing on “Downstream Petroleum Products Taxation: A Call to Action” on January 15.
“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 said. “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.
