BOSTEnergies Limited has defended its involvement in fuel trading, stating that the activity forms part of its strategy for managing Ghana’s strategic petroleum reserves and does not represent a shift from its statutory responsibilities.
The clarification was made by Deputy Managing Director Salifu Nat Acheampong during the closing session of the 7th Ghana International Petroleum Conference (GhIPCon) in Accra, following concerns from some stakeholders in the downstream petroleum sector about the company’s expanding commercial activities.
Mr. Acheampong explained that BOSTEnergies routinely releases portions of its existing fuel stocks into the market to make room for new supplies, describing the process as a standard stock management practice rather than a move into commercial fuel trading.
He said this operational approach had led some industry players to mistakenly believe the company had abandoned its primary responsibility of maintaining Ghana’s strategic petroleum reserves.
According to him, the criticism directed at BOSTEnergies overlooks the vital role state-owned strategic fuel reserve institutions play in safeguarding national energy security.
Mr. Acheampong argued that countries should maintain control over their strategic petroleum reserves, citing Iran as an example of the importance of state oversight in protecting national interests during periods of uncertainty.
He emphasised that BOSTEnergies continues to fulfil its legal mandate while adopting commercially sustainable practices to strengthen its financial position.
He further urged industry stakeholders to recognise that the company’s commercial operations are designed to reinforce Ghana’s long-term energy security and institutional resilience, rather than signal a departure from its core mandate.