He said the sudden transformation of BOST must serve as the blueprint for State-Owned Enterprises (SOEs) to enable them to contribute to the execution of government policies.

Dr Bawumia pointed out that the significant turnaround of the BOST business was demonstrated by the improved operational efficiency.

“From a debt position of $624 million owed to suppliers and related parties, BOST paid $611 million with Internally Generated Funds (IGFs), comprising about $423 million,” he indicated and added that for the first time in 11 years, BOST made a profit of about GH¢164 million.

Dr Bawumia commended the board, management and staff of the BOST for good stewardship and prudent management of resources on behalf of the government and the people of Ghana.

Background

Established in 1993, the BOST has in its 30-year history transitioned from the Diamond House, through Heritage Towers to Roman Ridge, Airport Residential Area and Dzorwulu before finally finding its current permanent location.

It is a seven-storey twin-block constructed at a cost of $39 million, exclusive of Value Added Tax (VAT) and all taxes.

The idea to put up the head office was conceived around 2015 as part of plans to ensure BOST staff worked in a conducive environment and on June 15, 2015, BOST engaged the services of a construction company to carry out the project.

It has 100 underground parking spaces, a modern cafeteria for staff, kitchenettes and underground fuel and water tanks.

Commendation

While commending the leadership and staff of the company for their efforts at turning around the fortunes of the BOST, Vice-President Bawumia said after going through some financial difficulties for three years and implementing measures to prevent the company from entering insolvency, the board approved a five-year turnaround strategy from 2020 to 2024.

That strategy, he explained, focused on enhancing operational excellence and aggressively growing the business to make the company profitable and to ensure the development and effective implementation of policies.

It also allowed the company to fully utilise all assets and automated the company’s processes and most importantly be the beacon of corporate governance in the country.

Between 2017 and now, the Vice-President said 13 out of the 15 defective tanks of the company had been repaired while all four river badges which were out of commission had also been fixed.

Dr Bawumia described BOST as a shining example of an effectively run SOE.

Relief

In a speech read on his behalf, the Minister of Energy, Dr Mathew Opoku Prempeh, gave assurance that the government would continue to do all it could and should to cushion Ghanaians at the pump and bring relief to all households.

He said the agenda of the government had been to keep the lights on and to keep the nation moving.

Dr Prempeh, therefore, called on the BOST to continue to be a strategic partner of the government while posting significant profits yearly.

For his part, the Board Chairman of the BOST, Ekow Hackman, said the move from a temporary resident to a permanent office represented a new era, which justified the acquisition of such an edifice.

He said to maintain the building in its condition, BOST would sign a maintenance agreement with the contractors after the warranty period to ensure it remained as it was.