BOST will collapse if you take away its margin – Mahama claims

Bulk Oil Storage and Transportation Company Limited (BOST)

The National Democratic Congress (NDC) Presidential Candidate has accused President Nana Addo Dankwa Akufo-Addo of collapsing some hitherto buoyant state enterprises since he assumed office.

John Dramani Mahama said the president “seems” not interested in the general health and performance of state enterprises because of his capitalist political ideology.

President Akufo-Addo wants the companies to collapse and later turn round to privatise them under the guise of cushioning them.

“This is normal,” the ex-president said of the governing New Patriotic Party (NPP) at a Facebook Live session Thursday.

Ex-president John Dramani Mahama

A number of state enterprises are being swallowed by debts currently, the ex-president claimed.

The Produce Buying Company (PBC) has been struggling since this government took over from the Mahama administration.

The Company was suspended from the financial market by the Ghana Stock Exchange over its failure to publish its financial results and meet some listing requirement.

But the Akufo-Addo government is to be blamed for the current misfortune of PBC, ex-president Mahama has said.

He said when he was in power, PBC was “growing by leaps and bounds” but the situation is the reversed today.

“PBC floated on the stock exchange and in our time [it was] the largest buyer of cocoa [and] aside from being able to buy so much cocoa they also set up a shea butter plant,” the NDC presidential candidate said.

The former president said the same magic was applied by his government to BOST which was highly indebted when the NDC took over from the John Agyekum Kuffour administration.

“BOST was highly indebted [but] bounced back. It paid a lot of its debt and started exporting petroleum to Niger, and Mali,” Mr Mahama said.

But “if you take away the BOST margin [today,] it will collapse”, the ex-president forcefully said of the misfortune of the company.

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