BOST reviews oil supply terms to free up public funds

The Bulk Oil Storage and Transportation Company (BOST) Limited has reviewed the terms of accessing oil supplies by traders on the international market to prevent marketers from holding onto public funds. 

Currently, the company is owed an accumulated amount of more than 36 million Ghana Cedis in export sales by some international companies.

The amount, which has been outstanding since December 2016, came about as a result of international companies buying petroleum products from Ghana to sell on Sahelean markets.  

Besides the debt from export sales, there are also outstanding storage and rack fees owed by some local companies, amounting to more than four million Ghana Cedis.  

Speaking to the Daily Graphic in Accra, the Managing Director of BOST, Alfred Obeng-Boateng, said the review of oil supplies has led to the introduction of non-credit export sales of petroleum products.

He said on the local front, BOST has also introduced the prompt payment of storage and rack fees. 

This means distribution companies have to make down payments to BOST before being allowed to store their products in BOST depots.  

SOURCE: GRAPHICONLINE
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