The Managing Director of Bulk Energy Storage and Transportation Company Limited (BEST), formerly known as BOST, Dr. Edwin Provençal, has stated that every effort must be made to ensure that the company does not return to its era of operational losses after being turned into a profit-making entity by the current management.
“Going forward, BOST should no longer be a loss-making entity,” he said while addressing a section of Ghanaian journalists at the Ministry of Information Meet-the-Press series in Accra on Wednesday, November 6, 2024.
The company, whose mandate was to keep strategic oil reserve for the West African nation, virtually collapsed prior to the appointment of Edwin Provencal in August 2019.
The company was saddled with huge indebtedness with trade liability amounting to $634 million.
However, strategic decisions by the current management have brought a turnaround, with the company now being one of the best performing state-owned enterprises.
Speaking at the press briefing, Dr. Provencal outlined several key initiatives aimed at revitalising the company, with a vision of transforming BEST into a profit-generating asset for the people of Ghana.
Mr. Provencal explained that BEST was on the brink of collapse, prompting leadership to identify urgent priorities to revive the company.
“We focused on building both infrastructure and human capital to ensure long-term growth,” he said, emphasising that growth isn’t limited to physical assets but also involves enhancing employee knowledge and skills.
“We recognised the need to invest in our workforce, improve infrastructure, and introduce new business lines,” he added.
Dr. Provencal told the press that the company had cleared 100% of the debt his regime inherited.
Source: https://energynewsafrica.com