Viable but Struggling SOEs Will be Supported – Hon. Asamoah-Boateng

Executive Chairman of State Enterprises Commission, Hon. Asamoah-Boateng, on Monday, 24th July, 2017, paid a working-visit to The Bulk Oil and Storage Company, to appraise himself with the company’s operations and also to introduce himself to the MD and his management team, is his new official capacity. The visit was also to afford him the opportunity to be informed about current state of health of this key national strategic asset.

In his welcome address to Hon. Asamoah-Boateng and his team from SEC, MD of Bulk Oil and Storage Company,Mr. Alfred Obeng Boateng rehashed the point that his outfit is a “national strategic asset which needs to be given the same level of attention as any of the arm of our security services.

The MD painted a scenario where, “equipments meant for war have always been procured for our security service, particularly the military, all in readiness to repel external aggression and also go to war, as and when the need arises”. But as we all know, the MD further noted, “this situation has never arisen in our country’s history but this has not also stopped us from procuring these equipments”.

Hon. Asamoah-Boateng assuring Mr. Obeng Boateng and his team of his readiness to work tirelessly to ensure these SOEs get the needed support to be “productive, efficient and competitive.

Nonetheless, this expenditure cannot be termed as wasteful since it is preparation for the unknown, and it is in this same vein that we expect government to pay equal attention to BOST since in case of an unforeseen disaster, our country might be seriously found wanting in being able to run because our national strategic oil reserve in currently empty, Mr. Alfred Obeng Boateng acknowledged.

“Officially, we are supposed to have a 6week storage reserve but as we speak, BOST cannot boast of a few days of storage. This state of affairs has largely been occasioned by pressures being exerted on our operations by servicing of legacy debts to the tune of $300”. Mr. Obeng Boateng therefore expressed happiness about government’s plans to assist some of these SOEs with the “stimulus package”.

On his part, Hon. Asamoah-Boateng promised Mr. Obeng Boateng and his team; of his readiness to work tirelessly to ensure these SOEs get the needed support to be “productive, efficient and competitive. The State has the responsibility to provide you with the needed support to enable you be on your feet so that, in return, the required performance targets can be set for you to meet; and it is in the light of this that a stimulus package will soon be given to viable but struggling SOEs”, the Executive Chairman noted.

Hon. Asamoah-Boateng was accompanied on the trip by his team from SEC, comprising Messers Justice Abeeku Newton-Offei [Office of the President], John K. Mensah [PME], Benjamin Ozor [Snr. Consultant], John T. Quarshie [Financial Consultant], Nixon Noah [ICT], and Daniel Kudzawu-D’Pherdd [ICT].


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