In a recent turn of events, the Ministry of Finance has released an official report confirming that the Bulk Oil Storage and Transportation Company Limited (BOST) did, indeed, generate profits during the tenure of former President John Dramani Mahama. This revelation directly contradicts a fact-check conducted by JoyNews, which disputed Mahama’s claim of profitability during his presidency.
The controversy arose when John Mahama confidently stated that BOST, a key player in the petroleum industry, was profitable during his time in office. JoyNews, in response, conducted a fact-check on Mahama’s statement, asserting that there was no evidence to support his claim. However, new information from the Ministry of Finance challenges JoyNews’ conclusions.
To substantiate his assertion, the former President provided a screenshot of page 45 from the 2017 State Ownership Report, an official document published by the Ministry of Finance in 2018 under the Akufo-Addo/Bawumia/NPP government. This document reveals that BOST achieved net profits of GHS 88.09 million in 2016 and GHS 109.36 million in 2015.
The revelation raises questions about the integrity of the audit practices employed by authorities, as it suggests a subsequent manipulation of BOST’s books and financial records. Such manipulation, if true, would be a serious concern and a matter that demands thorough investigation.
The alleged dubious audit practices have been described as disgraceful, and the information presented in the Ministry of Finance report challenges the credibility of the fact-check conducted by JoyNews. It emphasizes the need for a more nuanced understanding of the financial health of state-owned enterprises and the potential consequences of misinformation in the public domain.
In the face of these revelations, it becomes imperative for stakeholders and the public to critically examine the evidence presented by both parties and seek an unbiased understanding of the financial performance of BOST during the Mahama era. The Ministry of Finance report serves as a critical piece of information that demands attention and careful consideration in the ongoing discourse surrounding the profitability of BOST under different administrations.