Bost Energies Made GH¢684 Million Profit: Why Use The NPA Bill, 2026 To Weaken Its Operations?
We are here today because the Institute for Economic Research and Public Policy, IERPP, has serious concerns about the National Petroleum Authority Bill, 2026, currently before Parliament.
Let us be clear from the outset:
IERPP is not against strong regulation.
Ghana needs a strong, effective and independent regulator of the downstream petroleum sector. Our concern is much more specific.
We believe that, in its current form, the Bill risks giving the National Petroleum Authority and the sector Minister greater control over decisions that BOST Energies needs to make independently in order to perform its national mandate effectively.
And we must ask:
Why weaken a company that is finally showing strong financial performance?
According to the 2025 State Ownership Report, BOST Energies recorded a remarkable improvement in its financial performance. Its total revenue increased from approximately GH¢1.33 billion in 2024 to GH¢3.84 billion in 2025, an increase of about 189 percent.
Operating revenue increased from GH¢1.293 billion to GH¢3.809 billion, representing approximately 195 percent growth.
Operating profit rose to GH¢19.97 million, while net profit increased from GH¢398.40 million to GH¢683.96 million, an increase of about 72 percent.
Ladies and gentlemen, these are not small numbers.
They tell us that BOST Energies is growing. Its total assets increased to approximately GH¢3.989 billion, while equity increased to approximately GH¢1.74 billion.
Its return on assets stood at 17.66 percent, and its return on equity stood at 46.40 percent.
Its liquidity position also improved, with the current ratio rising to approximately 1.25–1.28:1.
And perhaps most importantly, its interest-cover ratio improved dramatically, from 7.99 times to 23.89 times.
Its debt-to-assets ratio also fell from 1.12 in 2021 to just 0.31 in 2025.
So, what are we seeing?
We are seeing a state-owned company that has grown its revenues, increased its profits, strengthened its balance sheet, reduced its dependence on debt and improved its ability to meet its obligations.
Indeed, for the first time in 32 years, BOST Energies paid a 5 percent dividend of GH¢34.2 million to government from its 2025 profit.
