John Dramani Mahama, the flag bearer of the opposition National Democratic Congress (NDC), recently highlighted the profitability of the Bulk Oil Storage and Transportation Company (BOST).
According to the former president, BOST operated and profited from his administration.
Claim: “When we were in power… BOST was working and making profits.”
John Mahama made this assertion while addressing the Trades Union Congress (TUC) in Accra on Tuesday, November 7. In making this claim, he emphasized his own commitment to revitalize state institutions if elected as the next president. Ghana.
verdict: This claim is completely false.
A closer look at the audited financial statements that BOST publishes on its website reveals a contrasting story. An investigation conducted by the JoyNews Research Desk revealed that BOST was consistently incurring losses from 2013 to 2016 when John Dramani Mahama was its president.
The audited financial report shows a dire financial situation, with BOST recording GHS 30.91 million in 2013, GHS 89.37 million in 2014 (Revised: GHS 68.01 million), GHS 36.34 million in 2015, and a staggering It reported a loss of GHS 458.64 million. 1 million people in 2016.
This harsh financial reality casts doubt on Mr. Mahama’s claims about the company’s profitability during his tenure. In fact, the total cumulative losses incurred by BOST under Mahama amounted to a whopping GHS615.26 million, with no profits recorded between 2013 and 2016.
Evidence from the Auditor General’s report
- Ghana’s Public Accounts for the Year Ended 31 December 2019 – Report of the Auditor General on Public Commissions, Companies and Other Statutory Bodies.
The 2019 Auditor General’s report confirms BOST’s losses in the last two years (2015 and 2016) of the John Mahama administration.
2. Report of the Auditor General on public accounts, public commissions, companies and other statutory bodies in Ghana for the period ended 31 December 2014
Evidence from BOST’s audited financial statements (2013-2016)
1.BOST 2013 Audit Report
2. BOST 2014 Audit Report
3. BOST 2014 Audit Report (Revised in 2015)
4. BOST 2015 Audit Report
5. BOST 2016 Audit Report
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