BOST's GH¢684m profit proves it works: why risk it with the NPA Bill?
Ghana's state-owned fuel storage giant BOST Energies just posted a stunning GH¢684 million profit, yet a new bill before Parliament could put all of that at risk. The Institute for Economic Research and Public Policy (IERPP) is asking a simple question: why fix what isn't broken?
At a press conference in Accra, IERPP Executive Director Professor Isaac Boadi urged Parliament to pause and rethink the National Petroleum Authority (NPA) Bill, 2026. The think tank argues that several provisions would strip BOST of the independence it needs to manage Ghana's strategic fuel reserves and national network of depots and pipelines.
This is not just about one company. It is about jobs, energy security, and the government's own 24-hour economy vision.
BOST's 2025 numbers are hard to ignore
According to the 2025 State Ownership Report, BOST delivered a stellar performance last year. Total revenue jumped from GH¢1.330 billion in 2024 to GH¢3.841 billion in 2025, a massive 189% increase. Operating revenue followed the same upward path, climbing 195% from GH¢1.293 billion to GH¢3.809 billion.
The SIGA report confirms the bottom line: net profit rose 72% to GH¢683.96 million. That is real money, generated by a state enterprise that many had written off.
There is one caution flag. BOST's operating margin dipped from 31% to 19%, driven by higher direct trading costs. Still, the overall trajectory is one of growth and resilience.
Why the NPA Bill worries experts
IERPP is not against regulation. It is against regulation that undermines a company that is clearly delivering. The Institute raised three sharp questions that cut to the core of the debate:
- How can BOST be responsible for strategic reserves if decisions on funding, stock levels and release remain with other authorities?
- How can BOST maintain depots and pipelines if charges it needs to levy require regulatory approval without a clear, cost-reflective method?
- How can BOST remain sustainable if competing depots are licensed and profitable business is drawn away?
These are not academic concerns. If BOST's financial position weakens, close to 50% of its 658 staff could face layoffs. That would hit families hard and contradict the government's promise of a 24-hour economy where one job supports three shifts.
You cannot promise an economy where one job creates opportunities for three people across three shifts while allowing hundreds of existing jobs at BOST to be put at risk.
Seven demands to protect Ghana's fuel future
IERPP is not just raising alarms. It has put forward a clear, actionable list of demands for the government:
- Withdraw and fundamentally review the NPA Bill, 2026
- Clearly define and protect BOST's mandate, including its power to sell directly to OMCs
- Keep strategic fuel reserves under national control, with BOST as principal manager
- Provide dedicated funding for strategic reserves and infrastructure
- Allow BOST's margins to support the development of new depots
- Establish a fair, transparent and cost-reflective tariff mechanism
- Prevent unfair competition by ensuring BDCs cannot build inland depots that undermine BOST
- Keep the NPA as a regulator, not a market participant
Professor Boadi summed it up in one powerful sentence: Responsibility without authority is unfair. Responsibility without funding is unsustainable. National infrastructure without sustainable revenue is a liability waiting to happen.
What happens next for the NPA Bill?
Parliament is still considering the Bill. The coming weeks will show whether lawmakers listen to the evidence or push ahead with provisions that could undo years of progress at BOST.
For investors, diaspora Ghanaians, and anyone who believes in homegrown success, this is a moment to watch closely. A strong BOST means a stronger Ghana. The question is whether the policy will match the performance.
Frequently asked questions about the NPA Bill and BOST
What is the NPA Bill 2026 about?
The National Petroleum Authority Bill, 2026 aims to tighten regulations in Ghana's downstream petroleum sector. However, critics like IERPP argue some provisions give the NPA and the sector minister excessive control over BOST's independent decisions.
How profitable is BOST right now?
BOST reported a net profit of GH¢683.96 million in 2025, up 72% from GH¢398.40 million in 2024. Total revenue grew 189% to GH¢3.841 billion.
Could the Bill lead to job losses at BOST?
IERPP warns that if BOST's financial position weakens, close to 50% of its 658 staff could be laid off, worsening unemployment and contradicting the government's 24-hour economy agenda.