STOP PEDDLING FALSEHOOD ABOUT BOST: TUC WARNS JOHN MAHAMA

The Trades Union Congress (TUC) of Ghana has expressed its strong disapproval of false claims made by former President John Dramani Mahama that the Bulk Oil Storage and Transportation Company Limited (BOST) was profitable during his tenure in office from 2012 to 2016. The TUC says ex-President Mahama’s statement is false and misleading and that he was trying to take credit for the achievements of the current NPP administration.

According to the TUC, BOST was in a dire financial situation when Mahama left office in 2016, with a debt of over GH¢1.5 billion, accumulated losses of GH¢1.3 billion, and negative working capital of GH¢1.2 billion. The TUC said that BOST was unable to pay its workers’ salaries, suppliers, and creditors and that it had to rely on government subsidies and bailouts to survive.

The TUC said that the current administration, led by President Nana Akufo-Addo, has turned around the fortunes of BOST, by implementing prudent management practices, reducing operational costs, increasing storage fees, diversifying revenue streams, and clearing the legacy debts. The TUC said that BOST recorded a profit of GH¢63 million in 2020, the first time in five years, and that it has paid off GH¢237 million of its debt. The TUC said that BOST has also increased its storage capacity, improved its infrastructure, and enhanced its safety and environmental standards.

The TUC said that Mahama’s attempt to claim credit for BOST’s profitability was an insult to the intelligence of Ghanaians and that he should apologize for his lies. The TUC said that Mahama’s meeting with the trade unions was a desperate move to solicit votes for the upcoming 2024 elections and that he had nothing new to offer to the workers and the nation. The TUC said that it was committed to supporting the current administration in its efforts to improve the economy, create jobs, and protect the welfare of workers. The TUC said that it was proud of the achievements of BOST and that it would continue to work with the management and staff of the company to ensure its sustainability and growth.

On Tuesday, November 7, 2023, the NDC presidential candidate addressed some members of the TUC in Accra as part of his engagements with organized labor to secure their support towards his presidential ambition in 2024. Ex-President Mahama spoke about his plans to revitalize some state-owned enterprises including BOST. He claimed that BOST was making huge profits under his leadership until 2016.

However, apart from the TUC, many media organizations in Ghana have rubbished Mr. Mahama’s claims. They pointed out that BOST was heavily indebted, workers and suppliers were not paid, and the agency was wobbling towards total collapse under his watch.

A closer look at the audited financial statement published by BOST on its own website debunks claims made by the former President. According to a fact-checking investigation conducted and published by myjoyonline.com, BOST consistently incurred losses over the period while John Mahama was in office from 2013-2016.

BOST recorded staggering losses of GHC30.91 million in 2013, GHC68.01 million in 2014, GHC36.34 million in 2015, and a colossal GHC458.64 million in 2016 when Mahama was about to leave office after he was soundly defeated at the polls by President Nana Addo Dankwah Akufo-Addo of the NPP.