The Bulk Energy Storage and Transportation Company (BOST) has been charged by the State Interests and Governance Authority (SIGA) to remit dividends to the government before the end of the year. SIGA’s charge is part of efforts to ensure state-owned enterprises meet their financial obligations.

During BOST’s 2025 Annual General Meeting (AGM) on Tuesday, August 26, in Accra, the Acting Director-General of SIGA, Prof. Michael Kpessa-Whyte, expressed optimism that BOST would honor its dividend obligations to support the Ghanaian economy.

Prof. Kpessa-Whyte also acknowledged the efforts of BOST’s leadership while stressing SIGA’s expectation for stronger performance in operational efficiency, cost rationalisation, revenue growth, and prudent management of national assets.

“The Board and Management of BOST must demonstrate accountability to SIGA and to Ghanaians who ultimately own this enterprise. Decisions must be guided by their impact on national development and long-term value creation,” Prof. Michael Kpessa-Whyte stated.

The move comes as state-owned enterprises (SOEs) face mounting pressure to strengthen their finances amid tight government budgets and rising public demands. Many of these entities continue to grapple with losses, mounting debts, and governance challenges, which are fueling demands for reforms to ease their strain on the state.

Minister for Energy and Green Transition, Honourable John Jinapor, applauded BOST’s leadership for the progress made in recent months and encouraged the company to integrate sustainability into its operations to contribute to a cleaner energy future.

Board Chairman, Professor Saint Kuttu, assured stakeholders of the company’s dedication to safeguarding Ghana’s strategic petroleum reserves, while outlining ongoing investments in infrastructure, technology, and governance reforms.

In contrast, the Bui Power Authority (BPA) faces a December ultimatum to commence dividend payments to the government. Speaking at the Bui Power Authority’s 2024 annual general meeting, the General Manager of Operations at SIGA, Millicent Atuguba, called on Bui Power to position itself as a vital economic driver by being efficient, profitable rather than burdening the state.

“Commercial entities like BPA must no longer be perceived as a burden but rather a vital economic asset that drives Ghana’s socio-economic development, especially in the era of a reset agenda. For this reason, our expectations of BPA are straightforward, which are to be efficient, profitable, and to pay dividends to the government of Ghana.”“By the close of the 2025 financial year, we look forward to BPA demonstrating its commitment by paying a dividend for the first time. This will mark the beginning of a reset where SOEs take their rightful place and significantly contribute to non-tax revenue and national and economic growth,” she said.

Bui Power Authority (BPA) reported total revenue of $139.7 million in 2024 from energy dispatch, slightly above its target of $139.5 million. The performance, however, represents an 11.1 percent decline from the previous year, reflecting reduced generation from lower inflows into its reservoir.

Despite the revenue dip, tighter cost controls pushed net profit to $64.5 million—almost double its target of $33.6 million.

The Board Chairman of BOST, Prof. Saint Kuttu, reiterated the company’s dedication to safeguarding Ghana’s strategic fuel reserves while ensuring dependable storage and transport systems. He pointed to ongoing projects aimed at restoring old facilities, advancing digitalization, and governance at the board level. He pointed to the company’s ongoing commitment to its core mandate of guaranteeing Ghana’s strategic petroleum reserves and providing reliable storage and transportation infrastructure.

“Good governance remains the bedrock of our performance, and the board has strengthened its structures, improved oversight and ensured accountability in all facets of the organisation,” Prof. Kuttu said.

Initially, the Bui Power Authority, established under the 2007 Act (Act 740), was tasked with overseeing the hydroelectric project at Bui and other hydro potential on the Black Volta.

However, an amendment in 2020 (Act 1046) extended its role to cover renewable and clean energy projects throughout Ghana.

Meanwhile, SIGA has reaffirmed its commitment to working closely with BOST and other Specified Entities to drive improved performance, accountability, and sustainable value creation for the State.