, Edwin Alfred Provencal
The Managing Director of the Bulk Energy Storage and Transportation Limited (BOST), Dr Edwin Provencal has denied reports suggesting he is refusing to handover following a change in government.
This is in reference to reports suggesting Provencal has refused to submit his handing over notes to the newly elected government to pave way for his resignation.
The reports also accused the BOST MD of taking some last-minute decisions such as asking haulage contractors to re-register for the transportation of petroleum products for 2025, an action which could have been taken in June this year.
Appropriate means
Reacting to the development in a chat with ghextractives.com on Wednesday(8 January), Provencal described the reports as an agenda setting to call for his removal adding that he had prepared his handing over notes since last month.
Last minute payment and petroleum product sales
Touching on allegations of last-minute payments to contractors and selling of significant quantities of petroleum products intended for the country’s fuel security, the BOST MD described it as untrue and nothing out of the ordinary.
BOST’s daily operations involve buying and selling of petroleum products and nothing new has changed. If we stop, there could be fuel shortages, he said.
Controversial Haulage Contractors’ Registration
He explained that every year, BOST notifies all haulage contractors to renew their registration in line with standard operating procedures as stated on their website https://www.bost.com.gh/doing-business-with-bost/selection-of-haulage-contractors.
Evidence
The BOST MD challenged those alleging to provide evidence to substantiate their claims.
BOST Performance
The Bulk Energy Storage and Transportation Limited Company (BOST) has maintained a steady financial growth trajectory over the past three years, amassing a cumulative profit of GHC710 million.
The company’s profit for the 2023 financial year was GHC208 million, compared to GHC342 million in 2022 and GHC160 million in 2021. BOST estimates another profitable year for 2024 in the range of approximately Ghs300m.
BOST’s equity position also improved from a negative GHC248 million in 2021 to a positive GHC 277 million in 2023, laying a robust foundation for future growth. The company’s overall financial performance is largely was attributed to prudent management.
Position of the law
Ghana’s Supreme Court in June 2019 declared as unconstitutional the removal of heads of public corporations as a result of a change of government.
In a unanimous decision, a seven-member panel of the court, presided over by the Chief Justice, Justice Sophia Akuffo, held that per Article 190 Clause 1(b) of the 1992 Constitution, public corporations were part of the Public Services of Ghana and, therefore, such persons were public service officers whose appointments were protected by the Constitution.
According to the court, the appointments of such public service officers were governed by Article 195 of the Constitution.
The removal of such public service officers, the court held, must, therefore, be done in accordance with the terms and conditions of their contract of engagement or it must be justified, as stipulated in Article 191 of the Constitution.
Read the full ruling in the attached link below:
https://www.graphic.com.gh/news/general-news/ghana-news-govt-can-t-sack-ceos-supreme-court-declares.html#google_vignette
Appointment
Dr Edwin Provencal was appointed the Managing Director of BOST in August 2019.
Under his watch as Managing Director, the company crept out of the many years of losses, starting 2013 to 2020, to make a profit of GHC163 million in 2021 and more than doubled the profit to GHS342 million in the 2022 financial year.
In his current role as Managing Director, Dr. Provencal, and Bulk Energy Storage and Transportation Limited has won over thirty-five wards in the year 2023.
The awards and special recognitions attained over the period came from the energy industry, public enterprise category, and continental corporate excellence awards.
