Ghana: BOSTEnergies Rejects Claims It Has Strayed From Its Core Mandate

The Deputy Managing Director of BOSTEnergies Limited Company, Ghana’s state-owned strategic fuel stocks company, Salifu Nat Acheampong, has rejected claims by some players in the country’s downstream petroleum sector that the company has abandoned its core mandate by engaging in fuel trading.

Speaking on Friday, the final day of the two-day 7th Ghana International Petroleum Conference (GHiPCON) in Accra, Acheampong responded to concerns raised by industry participants about BOSTEnergies’ role in the downstream petroleum sector.

He said the company’s participation in fuel trading was not a departure from its core mandate but part of its stock management strategy.

According to Acheampong, BOSTEnergies periodically releases existing fuel stocks onto the market to create room for fresh supplies, a process that he said had led some industry players to mistakenly conclude that the company had shifted its focus.

“It appears some sort of alliance has been forged against a state-owned institution like BOSTEnergies,” Acheampong said.

He said BOSTEnergies was established to maintain Ghana’s strategic petroleum reserves and questioned why some industry players continued to criticise the company’s operations.

Acheampong argued that countries must retain control over strategic fuel reserves to safeguard national security.

Referring to Iran, he said the country would have been in a weaker position to sustain its operations if it had entrusted its petroleum reserves entirely to private sector operators.

“Just imagine if Iran had entrusted all its strategic petroleum reserves to private entities. Do you think Iran would have been able to defend itself?” he said.

Acheampong reiterated that BOSTEnergies had not deviated from its statutory mandate.

He said the company remained fully committed to maintaining Ghana’s strategic petroleum reserves while operating on sound commercial principles to ensure its financial sustainability.

He urged stakeholders to view BOSTEnergies’ commercial activities within the broader context of strengthening the country’s long-term energy security and institutional sustainability, rather than as a departure from its statutory responsibilities.