Some workers of the the Bulk Oil Storage and Transportation (BOST) are angry after the CEO of the company, Alfred Obeng Boateng, donated GHC1 million to the Ghana@60 committee, it has been reported.
According to a report by The Lens, the local union of the Ghana Transport, Petroleum and Chemical Workers Union, is not happy that Obeng Boateng, who was appointed by President Akufo-Addo in January, donated the amount at a time the company is reportedly reeling under heavy financial challenges.
The paper quoted an unnamed union executive as saying that the company's mandate of fuel security is under serious threat with the continuous upward adjustments of fuel price.
The source said instead of the CEO working to fix the challenge, he was rather, according to him, plundering the company’s resources for political patronage.
The report said that BOST currently owes fuel suppliers about US$100m and is struggling to pay workers’ salaries and performance bonuses.
It said BOST, under the administration of the immediate-past MD, Mr Kingsley Kwame Awuah-Darko, joined the downstream petroleum industry in 2015 by competing with the private sector companies in the distribution of finished petroleum products.
The company gained a half-year profit of US$21 million for 2015 under this arrangement but the expectation that joining the downstream business will make the strategic reserve holder profitable is currently turning sour as trading losses have negatively affected its overall profitability, the report added.