Deputy Managing Director of BOSTEnergies Defends Fuel Trading Activities
At the closing session of the 7th Ghana International Petroleum Conference (GHiPCON) held in Accra on Friday, Salifu Nat Acheampong, Deputy Managing Director of BOSTEnergies Limited, addressed growing concerns from downstream petroleum stakeholders that the state‑owned strategic fuel stocks company had strayed from its core mandate by engaging in fuel trading.
Clarifying BOSTEnergies’ Role in Inventory Management
Acheampong explained that BOSTEnergies’ occasional releases of existing fuel stocks to the market are not a sign of mission drift but a deliberate inventory‑management practice. By selling a portion of its reserves, the company creates storage capacity for upcoming replenishments, ensuring that the strategic stockpile remains fresh and usable.
He noted that this approach aligns with international best practices for strategic reserve management, where periodic rotation helps maintain fuel quality and mitigates degradation risks. According to the Ghana Energy Commission’s 2022 reserve report, BOSTEnergies currently holds approximately 30 days of national consumption in crude and refined products, a level deemed sufficient for emergency response.
Strategic Reserves and National Security
Drawing a comparative example, Acheampong highlighted Iran’s experience, stating that entrusting all strategic petroleum reserves to private operators would have weakened the country’s ability to sustain operations during periods of sanctions or supply disruption.
“Imagine if Iran had entrusted all of its strategic petroleum reserves to private companies. Do you think Iran would have been able to defend itself?” he asked, underscoring the rationale behind state control of critical energy assets.
This viewpoint is supported by research from the International Energy Agency (IEA), which emphasizes that government‑held reserves provide a buffer against market shocks and enhance national energy security (IEA, 2021).
Addressing Industry Allegations
Acheampong expressed concern over what he described as an “alliance” forming against BOSTEnergies, suggesting that criticism may stem from competitive pressures rather than factual shortcomings.
He reiterated that the company’s legal mandate—established under the BOSTEnergies Act of 2015—remains focused on preserving Ghana’s strategic petroleum reserves while operating on sound commercial principles to ensure financial sustainability.
“Our commercial activities, including measured fuel trading, are intended to strengthen long‑term energy security and institutional sustainability, not to deviate from our statutory responsibilities,” Acheampong concluded.
Looking Ahead
Moving forward, BOSTEnergies plans to enhance transparency around its inventory‑management cycles, publish quarterly stock‑level reports, and engage more closely with downstream operators to align expectations. Such steps aim to build trust and demonstrate that the company’s commercial engagements serve the broader interest of Ghana’s energy resilience.
- Strategic reserve level: ~30 days of national consumption (Ghana Energy Commission, 2022)
- Legal framework: BOSTEnergies Act, 2015
- Reference: International Energy Agency, “Oil Market Report,” 2021
