Company news
Jul 22, 2026
3 min read
BOSTenergies Rejects Claims of Straying from Core Mandate, Defends Fuel Trading Activities
BOSTenergies has dismissed assertions that it has abandoned its core mandate by participating in fuel trading, insisting that such activities are part of its strategic stock management operations. The company says it remains committed to maintaining Ghana’s strategic petroleum reserves while ensuring long-term financial sustainability.
By Michael Creg Afful | Energy News Africa
•
Published Jul 22, 2026
BOSTenergies has strongly rejected claims by some stakeholders in Ghana’s downstream petroleum sector that it has deviated from its core mandate by engaging in fuel trading activities.
The Deputy Managing Director of the state-owned strategic fuel stocks company, Mr. Salifu Nat Acheampong, addressed the concerns during the final day of the 7th Ghana International Petroleum Conference (GHiPCON) held in Accra on Friday.
Responding to criticisms from some industry players, Mr. Acheampong explained that BOSTenergies’ involvement in fuel trading should not be interpreted as a shift away from its statutory responsibilities. Rather, he said, the activity forms an integral part of the company’s strategy for managing Ghana’s strategic petroleum reserves.
According to him, BOSTenergies periodically releases portions of its existing fuel stocks onto the market to create storage capacity for fresh supplies. He noted that this routine stock management practice has led some observers to mistakenly conclude that the company has abandoned its primary mandate.
“It appears some sort of alliance has been forged against a state-owned institution like BOSTenergies,” Mr. Acheampong remarked.
He stressed that BOSTenergies was established to maintain Ghana’s strategic petroleum reserves and questioned the basis for continued criticism of the company’s operations despite its role in safeguarding the nation’s energy security.
Mr. Acheampong further argued that control of strategic fuel reserves is a critical national security consideration and should not be left entirely in the hands of private sector operators.
Drawing an international comparison, he referenced Iran, suggesting that countries that retain oversight and control of strategic petroleum stocks are better positioned to respond to national challenges and external shocks.
“Just imagine if Iran had entrusted all its strategic petroleum reserves to private entities. Do you think Iran would have been able to defend itself?” he said.
The Deputy Managing Director reiterated that BOSTenergies remains fully committed to its mandate of maintaining strategic fuel reserves for the country while simultaneously operating on sound commercial principles to support the organisation’s financial sustainability.
He explained that commercial activities undertaken by the company are designed to enhance operational efficiency and ensure the long-term viability of the institution, rather than replace its core responsibilities.
Mr. Acheampong therefore urged industry stakeholders to view BOSTenergies’ market activities within the broader context of strengthening Ghana’s energy security framework and ensuring the sustainability of a strategic national asset.
BOSTenergies maintains that its operations continue to be guided by its responsibility to safeguard the country’s fuel reserves while contributing to a resilient and secure energy sector capable of supporting national development and economic growth.
The Deputy Managing Director of the state-owned strategic fuel stocks company, Mr. Salifu Nat Acheampong, addressed the concerns during the final day of the 7th Ghana International Petroleum Conference (GHiPCON) held in Accra on Friday.
Responding to criticisms from some industry players, Mr. Acheampong explained that BOSTenergies’ involvement in fuel trading should not be interpreted as a shift away from its statutory responsibilities. Rather, he said, the activity forms an integral part of the company’s strategy for managing Ghana’s strategic petroleum reserves.
According to him, BOSTenergies periodically releases portions of its existing fuel stocks onto the market to create storage capacity for fresh supplies. He noted that this routine stock management practice has led some observers to mistakenly conclude that the company has abandoned its primary mandate.
“It appears some sort of alliance has been forged against a state-owned institution like BOSTenergies,” Mr. Acheampong remarked.
He stressed that BOSTenergies was established to maintain Ghana’s strategic petroleum reserves and questioned the basis for continued criticism of the company’s operations despite its role in safeguarding the nation’s energy security.
Mr. Acheampong further argued that control of strategic fuel reserves is a critical national security consideration and should not be left entirely in the hands of private sector operators.
Drawing an international comparison, he referenced Iran, suggesting that countries that retain oversight and control of strategic petroleum stocks are better positioned to respond to national challenges and external shocks.
“Just imagine if Iran had entrusted all its strategic petroleum reserves to private entities. Do you think Iran would have been able to defend itself?” he said.
The Deputy Managing Director reiterated that BOSTenergies remains fully committed to its mandate of maintaining strategic fuel reserves for the country while simultaneously operating on sound commercial principles to support the organisation’s financial sustainability.
He explained that commercial activities undertaken by the company are designed to enhance operational efficiency and ensure the long-term viability of the institution, rather than replace its core responsibilities.
Mr. Acheampong therefore urged industry stakeholders to view BOSTenergies’ market activities within the broader context of strengthening Ghana’s energy security framework and ensuring the sustainability of a strategic national asset.
BOSTenergies maintains that its operations continue to be guided by its responsibility to safeguard the country’s fuel reserves while contributing to a resilient and secure energy sector capable of supporting national development and economic growth.