New BOST Board tasked to address Debt Portfolio and Monetize Operations

The newly inaugurated Board of BOST has been called upon to address the huge debt portfolio arising out of its past operations and find innovative ways of monetizing its operations. The Deputy Minister of Energy, in charge of Power, William Owuraku Aidoo, made the call when he inaugurated the reconstituted eight member Board of BOST in Accra.

He charged members of the Board to work hard to assist the management to access the company’s share of the Energy Bond so as to enhance its operations. The Board chaired by Dr. Kwame Achampong-Kyei has been urged to use their expertise to resolve BOST’s inability to keep adequate stock of the national strategic petroleum reserves as result of lack of funds, long delay in upgrading the depots nationwide to meet international standards and absence of laboratories in the depots which has created bottlenecks for the analysis of the quality of products.

Members of the Board include Mr. Alfred Obeng, Mr. Kamal-Deen Abdulai, Hon. (Mrs) Angelina Baiden-Amissah, Hon. Djornobuah Alex Tetteh and Mr. Desmond A. Nartey. The rest are Mrs. Joyce Agyeman Attafuah, Mr. John Kweku Akyene Duncan and Nana Yaw Owusu Akwanuasa.

BOST is a body that is mandated to manage the national strategic petroleum reserve and store as well as transport petroleum products at its depots located throughout Ghana. Closely linked to this is the role of BOST as a market stabilizer in the downstream of Ghana’s petroleum industry and has the duty to guarantee availability of petroleum products at reasonable prices.

The Deputy Minister in charge of Power admonished BOST to be more proactive than reactive in controlling fuel prices indirectly to forestall the distasteful situation that Ghanaians experienced in 2014 where people, particularly drivers had to queue for several hours to purchase scarce petroleum products at exorbitant prices.

In a related development, Hon. Owuraku Aidoo has also inaugurated the Board for Ghana Grid Company Limited (GRIDco) with a call on the members to provide the necessary direction for the resolution of all the difficulties associated with the transmission system. He tasked the nine member Board to work urgently for the establishment of the wholesale electricity market which he said would drive down tariffs and give comfort to customers and make Ghana competitive in the sub -region through the West African Power [WAPP] system.

The Deputy Minister urged the Board to help GRIDco grow expertise in the wholesale power market and grid consultancy that the country is developing to get a share of the growing electricity market within the sub-region and beyond.

Mr. Kabral Blay-Amihere is the chairman of the Board. Mr Jonathan Amoako-Baah, Ms. Dzifa Amegashie, Mr. Kenneth Kwamina Thompson, Mr. Nicholas Kwabena Smart-Yeboah are some of the members of the Board. The rest are Air vice Marshall Is Kadri, Hon. Naana Eyiah, Nana Henry Kofi Nti and Mr. Frederick Fredua Antoh.

Mr. Kabral Blay-Amihere in his delivery urged members to use their expertise to help GRIDco to deliver and guarantee uninterrupted power supply for domestic, commercial and industrial purposes.

Source: Adovor Nutifafa                                                                                                                            dovor100@gmail.com

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