By Yvonne Atilego.
The Bulk Oil Storage and Transportation Company Limited (BOST), says it has reduced its trade liabilities by more than three-quarters.
Managing Director, Edwin Alfred Provencal, disclosed that BOST has paid about $585 million out of the $624 million which was in arrears back in 2017.
Mr. Provencal made the point at a media briefing in Accra.
The BOST MD took his turn to brief the country on the strides being made and the Company’s effort at improving inflows since 2017.
According to Mr. Provencal, BOST was plagued with debts as of 2017, however, major strategies have been put in place to bring some relief to the quantum of debt.
“About 73 % of the liabilities were offset using internally generated funds by June this year. This is laudable in addition to some 27% provided by the government,’’ the BOST MD stated.
The media briefing by Bulk Oil Storage and Transportation Company Limited was to provide information to the public on the Company’s strategy, which sought to enhance operational excellence and aggressively grow the business.
Mr. Provencal further explained that efforts are being made to service the rest of the trade liabilities by 2022. A forensic audit was also conducted into BOST’s BDC claims to the tune of about $37million. He added that after the Economic and Organised Crime Office (EOCO), National Security among other agencies were brought in to investigate the claims,
“Each of these companies which claimed they were owed $37 million now accepted that BOST owed them $11 million dollars,’’ according to Mr. Provencal.
In all of this he said, BOST was able to save the country $26 million dollars.