{"id":96350,"date":"2025-09-29T17:51:30","date_gmt":"2025-09-29T17:51:30","guid":{"rendered":"https:\/\/sotnews.agency\/?p=96350"},"modified":"2025-09-29T17:51:30","modified_gmt":"2025-09-29T17:51:30","slug":"bosts-financial-performance-improved-under-gold-for-oil-npp-tells-imani","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=96350","title":{"rendered":"BOST\u2019s financial performance improved under Gold-for-Oil \u2013 NPP tells IMANI"},"content":{"rendered":"<div class='booster-block booster-read-block'>\n                <div class=\"twp-read-time\">\n                \t<i class=\"booster-icon twp-clock\"><\/i> <span>Read Time:<\/span>2 Minute, 23 Second                <\/div>\n\n            <\/div><div>\n<p>The New Patriotic Party (NPP) has dismissed recent claims by policy think tank IMANI Africa that Ghana\u2019s Gold-for-Oil (G4O) initiative weakened the financial standing of the Bulk Oil Storage and Transportation Company Limited (BOST) and failed to deliver on its intended objectives.<\/p>\n<p>In a statement of rebuttal issued on Monday, September 29, the party argued that the facts from audited reports of BOST, the Bank of Ghana (BoG), and the National Petroleum Authority (NPA) show that \u201cthe programme not only enhanced BOST\u2019s financial performance but also contributed to foreign exchange stability and fuel price moderation.\u201d<\/p>\n<h4 class=\"wp-block-heading\">Stronger Financial Performance for BOST<\/h4>\n<p>According to the NPP, BOST\u2019s profitability improved significantly during the implementation of the Gold-for-Oil programme.<\/p>\n<ul class=\"wp-block-list\">\n<li>Profit after tax in 2024 stood at GH\u00a2398 million, almost double the GH\u00a2208 million recorded in 2023.<\/li>\n<li>Net profit margin rose sharply from 17.7% in 2023 to 30% in 2024.<\/li>\n<li>Return on Assets (ROA) improved from 9.2% in 2023 to 15% in 2024.<\/li>\n<\/ul>\n<p>\u201cThese audited results demonstrate operational efficiency and prudent management, directly contradicting IMANI\u2019s suggestion of inefficiency,\u201d the statement noted.<\/p>\n<h4 class=\"wp-block-heading\">Contribution to Forex Stability<\/h4>\n<p>On foreign exchange, the NPP emphasised that BoG\u2019s 2024 Annual Report confirmed the policy objective of the G4O programme\u2014to reduce reliance on the US dollar for oil imports.<\/p>\n<p>By transacting oil purchases in gold, the programme helped ease pressure on the cedi, moderate inflationary pressures, and shield consumers from steep fuel price hikes.<\/p>\n<p>\u201cThis was a time-bound intervention that achieved its purpose during a critical phase of Ghana\u2019s economic recovery,\u201d the NPP stressed.<\/p>\n<h4 class=\"wp-block-heading\">BoG\u2019s Reported Losses Clarified<\/h4>\n<p>Addressing claims of mismanagement in BoG\u2019s reported losses, the NPP explained that the central bank transparently disclosed GH\u00a21.82 billion in forex liquidity support costs in 2024, up from GH\u00a2317 million in 2023.<\/p>\n<p>\u201cThese figures represent the costs of stabilising forex supply to facilitate Gold-for-Oil imports, not evidence of diversion,\u201d the party clarified. BoG\u2019s seed capital of GH\u00a24.69 billion was also fully traceable on its balance sheet and confirmed via RTI disclosures.<\/p>\n<h4 class=\"wp-block-heading\">Governance and Transparency Safeguards<\/h4>\n<p>On transparency, the NPP highlighted the governance structures in place to monitor the programme:<\/p>\n<ul class=\"wp-block-list\">\n<li>BoG appointed CBG as the collection bank and DMT as the collateral manager, ensuring oversight of all transactions.<\/li>\n<li>BOST conducted quarterly internal audits and maintained verifiable records of consignments, sales, and depot stock.<\/li>\n<li>The Ghana Audit Service independently audited the programme, while the NPA oversaw the quality, quantity, and pricing of products sold.<\/li>\n<li>Inventory reports confirmed 27.1 million litres of petroleum products in stock at year-end 2024, disproving allegations of missing fuel.<\/li>\n<\/ul>\n<p>\u201cThese safeguards ensured that no product left BOST depots without proper approval and accountability,\u201d the NPP concluded, adding that IMANI\u2019s claims were unfounded and risked misleading the public.<\/p>\n<\/div>\n        <div class=\"booster-block booster-reactions-block\">\n            <div class=\"twp-reactions-icons\">\n                \n                <div class=\"twp-reacts-wrap\">\n                    <a react-data=\"be-react-1\" post-id=\"96350\" class=\"be-face-icons un-reacted\" href=\"javascript:void(0)\">\n                        <img decoding=\"async\" src=\"https:\/\/sotnews.agency\/wp-content\/plugins\/booster-extension\/\/assets\/icon\/happy.svg\" alt=\"Happy\">\n                    <\/a>\n                    <div class=\"twp-reaction-title\">\n                        Happy                    <\/div>\n                    <div class=\"twp-count-percent\">\n                                                    <span style=\"display: none;\" class=\"twp-react-count\">0<\/span>\n                        \n                                               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                 <div class=\"twp-reaction-title\">Surprise<\/div>\n                    <div class=\"twp-count-percent\">\n                                                    <span style=\"display: none;\" class=\"twp-react-count\">0<\/span>\n                                                                        <span class=\"twp-react-percent\"><span>0<\/span> %<\/span>\n                                            <\/div>\n                <\/div>\n\n            <\/div>\n        <\/div>\n\n    ","protected":false},"excerpt":{"rendered":"<div><img decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2020\/07\/BOST-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"BOST\u2019s financial performance improved under Gold-for-Oil \u2013 NPP tells IMANI\" title=\"BOST\u2019s financial performance improved under Gold-for-Oil \u2013 NPP tells IMANI\">The New Patriotic Party (NPP) has dismissed recent claims by policy think tank IMANI Africa that Ghana\u2019s Gold-for-Oil (G4O) initiative weakened the financial standing of the Bulk Oil Storage and Transportation Company Limited (BOST) and failed to deliver on its intended objectives.<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1227,12,4716,328,1883,117,1881,10,9],"tags":[],"class_list":["post-96350","post","type-post","status-publish","format-standard","hentry","category-bost","category-business","category-gold-for-oil","category-imani","category-national","category-news","category-npp","category-politics","category-popular"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/96350","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=96350"}],"version-history":[{"count":0,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/96350\/revisions"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=96350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=96350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=96350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}