“Some sort of alliance has been forged against BOSTEnergies” — Deputy MD

The Deputy Managing Director of BOSTEnergies Limited, Salifu Nat Acheampong, has expressed concern over what he describes as a growing pushback from some stakeholders in Ghana’s downstream petroleum sector against the operations of the state-owned strategic fuel stocks company.

According to him, the criticisms levelled against BOSTEnergies, particularly regarding its involvement in fuel trading, suggest that some industry players may have formed an alliance aimed at questioning the relevance and role of the company.

“It appears some sort of alliance has been forged against a state-owned institution like BOSTEnergies,” Mr. Acheampong said.

He made the remarks on the final day of the two-day 7th Ghana International Petroleum Conference (GHiPCON) held in Accra, where discussions centred on key issues affecting Ghana’s petroleum and energy sector.

The Deputy Managing Director rejected claims that BOSTEnergies had moved away from its original mandate of maintaining Ghana’s strategic petroleum reserves by participating in commercial fuel activities.

He explained that the company’s involvement in fuel trading is a necessary component of managing the country’s fuel stocks, noting that petroleum reserves must be rotated regularly to maintain quality, create storage capacity, and accommodate new supplies.

According to him, when BOSTEnergies releases some of its existing stocks onto the market, some industry players interpret the move as a shift from its core mandate, rather than understanding it as part of a broader stock management framework.

“Sometimes, when we release stocks onto the market to make room for fresh supplies, people conclude that we have moved away from our mandate. That is not the case,” he said.

Mr. Acheampong stressed that BOSTEnergies was established to protect Ghana’s energy security by ensuring that the country maintains adequate strategic fuel reserves to respond to emergencies and supply disruptions.

He questioned why some stakeholders continue to challenge the operations of a state institution whose primary responsibility is to safeguard a critical national asset.

“Countries must maintain control over their strategic petroleum reserves because energy security is directly linked to national security,” he stated.

Drawing a comparison with global situations, Mr. Acheampong cited Iran’s ability to rely on its own petroleum reserves during periods of international pressure, arguing that countries that leave strategic energy resources entirely in the hands of private entities could expose themselves to vulnerabilities.

“Just imagine if Iran had entrusted all its strategic petroleum reserves to private entities. Do you think Iran would have been able to defend itself?” he questioned.

He reiterated that BOSTEnergies has not abandoned its statutory responsibilities, insisting that the company remains focused on maintaining Ghana’s strategic fuel reserves while adopting commercial approaches that support operational sustainability.

The Deputy Managing Director urged industry players and stakeholders to view BOSTEnergies’ commercial activities within the context of strengthening national energy resilience rather than interpreting them as a departure from its mandate.

He assured that the company will continue to work towards ensuring fuel security, efficient stock management, and the long-term sustainability of Ghana’s petroleum sector.

Story by: Joshua Kwabena Smith