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    PURC justifies 18.36% increase in electricity tariff

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    BoG Act needs clarity, improvement for easy implementation – Governor

    Don’t shortchange customers; use standardized measurements – Traders told

    We’re ready to provide liquidity support to banks – BoG reiterates

    Utility tariff increase will cripple businesses – AGI

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    PURC justifies 18.36% increase in electricity tariff

    Strengthen Financial Stability Fund to support struggling banks – Dr. Atuahene

    BoG Act needs clarity, improvement for easy implementation – Governor

    Utility tariff increase will cripple businesses – AGI

    GRA arrests 3 shop owners for not issuing VAT invoices

    GNPC-PetroSA deal: Freddie Blay threatens to sue CSOs

    Chinese involvement in Ghana’s economy not problematic – Nana Addo

    Ghana Association of Banks welcomes provisions for recapitalization

    BoG commissions Financial Industry Command Security Operations Centre

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    Mining propels Ghana to beat growth estimates in fourth quarter

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    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

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BOST solicits private sector support to position itself financially

February 28, 2020
in Oil And Gas, Top Stories
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Managing Director of Bulk Oil Storage Transport, BOST, Edwin Provincal, says the company has secured some oil reserves and support from the private sector to turn around the fortunes of the company.

““We took the opportunity to engage about the past, the present and also the plans we have for the future. They now know very well that BOST has some reserves, though not up to six weeks. It’s been two weeks and the rest are being supported by the private sector” he told Citi Business news.

He was speaking after a visit to BOST by Parliament’s Assurance Committee.

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BOST has since 2015 grappled with huge debts over its inability to account for fuel products worth close to eleven billion cedis.

But speaking to Citi Business News on recent developments at the company, Mr. Provincal said BOST is on the path to financial recovery.

“We also got the opportunity to let them understand our situation with regards to our infrastructure readiness and that was not much of a good news but they acknowledged the effort that is been put in place by this government and by our management team and they have reassured us that they will support us to turn this place around”.

BOST clears 12-year old GH¢64 million GCB Bank debt

The Management of the Bulk Oil Storage and Transportation Company, BOST, is confident its agenda to turn around the fortunes of the loss-making entity is on course following its ability to fully settle a 12-year old credit facility contracted from GCB Bank.

The loan sourced from GCB in 2008 has been in arrears and attracted several penalties from the bank.

But the Chief Executive Officer of the company, Edwin Provencal, has told Citi Business News the GH¢64 million credit facility, which was sourced to boost the trading position of BOST, was completely settled in January 2020.

Tags: BOSTEdwin Provincal
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