BEST posts GH₵881m profit, clears all legacy debts

The Bulk Energy Storage and Transportation Company Limited (BEST) generated a total revenue of GH₵22.7 billion from 2019 to 2023, making a profit of GH₵881 million over the period. This achievement is attributed to a prudent governance system and efficient operational practices introduced by the company’s Board and Management over the past four years.

Debt clearance through strategic management
Dr. Edwin Alfred Provencal, the Managing Director of BEST, announced this during a news briefing organized by the Ministry of Information in Accra to update the public on the company’s successes.

$624m, GH₵384m debts cleared
He explained that, upon assuming office in 2018, BEST owed foreign suppliers $624 million and local suppliers GH₵384 million.
However, through prudent management, the company has since cleared all its debts and is now posting profits.

Asset expansion and increased fuel storage capacity
BEST has also increased its revenue-earning assets from 18% in 2017 to 98%, with 100% of its 361 kilometers of oil pipelines and 51 farm tanks holding a total of 361,000 metric tonnes of petroleum reserves that can last six weeks.
Work is well-advanced on the completion of Phase 1 of BEST’s Accra Plains and Kumasi depots project, creating a more resilient and responsive oil supply chain.

GH₵47 m tax arrears cleared, strategic project completion
Dr. Provencal noted that the company, despite facing tough challenges in the recent past, made significant progress, including paying off GH₵47 million in long-standing tax arrears to the Ghana Revenue Authority (GRA).
BEST also implemented several strategies to boost its revenue base and completed critical projects such as the Tema-to-Akosombo Petroleum Pipeline and the Bolga-to-Buipe Pipeline.

Innovative leak detection and improved infrastructure security
The company has introduced a Leak Detection System, which helps prevent illegal siphoning of fuel from its pipelines and enhances the security of its fuel infrastructure.
Dr. Provencal emphasized that achieving 100% debt repayment while enhancing operational capabilities demonstrates BEST’s commitment to financial transparency and growth.

Setting a Model for Ghanaian SOEs
The MD stated that BEST’s financial achievements highlight a strategic management approach that has positioned it as a model for Ghanaian state-owned enterprises.
“BEST is on a path to sustainability, not just in finances but in energy solutions for Ghana,” he added.
“This upgrade is not just about improving our infrastructure but about setting a new standard for operational excellence across our sector,” Dr. Provencal stated at the Minister’s Press Briefing in Accra.

Strategic shift to broader energy storage model
The MD highlighted that these upgrades represent a strategic shift for BEST, as it moves from traditional oil storage and transportation towards a broader energy storage model, which includes cleaner and more sustainable energy sources such as solar and Compressed Natural Gas (CNG).

Commitment to reduced loading times
He reiterated the company’s commitment to completing Phase 1 of its depot upgrades, which would reduce inter-depot loading times from four hours to one hour and 30 minutes, and barge loading times from seven days to just one day.
These improvements, he noted, will directly impact service delivery and customer satisfaction, strengthening BEST’s reputation as one of Ghana’s leading state-owned enterprises.