Moses Dotse Aklorbortu & Emmanuel Ebo Hawkson
4 minutes read
BOSTenergies, formerly Bulk Energy, Storage and Transportation Company Limited, has paid a dividend of GH¢34.2 million to the government for the 2025 financial year, the first in the company’s 33-year history.
The dividend, which amounts to five per cent of the company’s profit after tax for 2025, follows strong performance in the year under review in which the company recorded profit after tax grew by 72 per cent from GH¢398 million in 2024 to GH¢684 million in 2025.
Also, BOSTenergies increased its revenue from GH¢1.29 billion in 2024 to GH¢3.81 billion in 2025, representing growth of 195 per cent, while its total equity grew by 118 per cent from GH¢677.2 million in 2024 to GH¢1.47 billion last year.
The total assets of the company also grew from GH¢2.654 billion in 2024 to GH¢3.989 billion in the year under review.
AGM
At company’s 2026 Annual General Meeting (AGM) in Accra last Wednesday, the Managing Director of BOSTenergies, Afetsi Awoonor, said the payment of the dividend was not just a demonstration of the company’s strong financial performance, but evidence of its progress as a critical player in the energy sector.
“These results show that BOSTenergies expanded its business, increased profitability, strengthened its net asset position, and created value for its sole shareholder,” he said.
Mr Awoonor said the strong performance was anchored on sustained reforms, operational efficiency and financial discipline.
“We intend to protect the gains made and ensure that growth in our balance sheet is matched by strong cash flows, sound cost control, efficient use of our assets and long-term value for the state,” he said.
Corporate strategy
Mr Awoonor said last year, BOSTenergies rolled out a five-year corporate strategy built on three main pillars – keeping the business afloat, growing the business and diversifying the business.
The strategy, he said, sought to sustain the growth of the company, increase its market share in the country to at least 30 per cent and expand its presence to other West African countries.
“We want to position the company to meet the evolving energy landscape and to lead Ghana’s green energy transition,” he added.
Remarkable performance
The Minister of Energy and Green Transition, Dr John Abdulai Jinapor, commended BOSTenergies for its impressive performance in the year under review, and urged the company to continue creating value for the government and the public.
“It demonstrates that public assets can be managed efficiently to create value for the Ghanaian people and that State-Owned Enterprises can contribute meaningfully to national development. I encourage you, however, to do more. This dividend should be a milestone, not the ceiling of our ambition,” he said.
Dr Jinapor said the role and importance of BOSTenergies in the energy security of the country could not be underestimated, adding that the government would continuously support the operations of BOSTenergies and other players in the energy sector.
“Strategic petroleum stocks are not excess inventory and they are not simply a commercial asset.
They are an instrument of national resilience and energy security,” the Energy Minister said.
Reforms
Dr Jinapor announced that the government was currently undertaking reforms of the country’s downstream petroleum sector to build a robust sector that would unlock investments, stay competitive, efficient and capable of supporting the sustainable growth of the economy.
“The proposed reforms to the National Petroleum Authority framework form an important part of this agenda.
Our regulatory architecture must evolve with the industry, strengthen oversight and accountability, facilitate investment and innovation, and enhance the resilience of the downstream petroleum value chain,’ he said.
He explained that the reforms would create opportunities across the downstream sector, including BOSTenergies.
“A more efficient downstream industry requires a strong national energy logistics backbone. BOSTenergies must, therefore, position itself to take full advantage of this changing environment by optimising its existing assets, strengthening its operational capabilities and expanding its commercial reach,” he added.
For his part, the Director-General of the State Interests and Governance Authority (SIGA), Professor Michael Kpessa-Whyte, urged BOSTenergies to build on its strong performance by growing and diversifying its business.
“BOSTenergies occupies a critical place within Ghana’s energy sector, and its performance affects energy security, economic activity, public finances and the confidence citizens place in state-owned enterprises,” he added.
