The Bulk Energy Storage and Transportation Limited Company (BESTL) excelled lustrously at the Ghana CEOs Summit 2024, held at the prestigious Kempinski Gold Coast City Hotel over the weekend.
In a remarkable recognition of their leadership and transformative impact, Dr Edwin Alfred Provencal, Managing Director of Bulk Energy Storage and Transportation Limited Company (BESTL) was honoured as ‘Outstanding CEO of the Year,’ while Chairman of the Board, Mr Ekow Hackman was named ‘Board Chairman of the Year.’
The accolades celebrated the substantial turnaround and impressive performance of BESTL under the stewardship of Dr Provencal and Mr Hackman.
Speaking to the media, Dr Provencal said that within a year, the company soaled from eighth to fourth place on the Public Enterprise League Table, with expectations of even better rankings in the future.
Reflecting on the company’s challenging past, he said that BESTL faced severe financial and operational difficulties by the end of 2016.
“Over three consecutive years, the company incurred losses, peaking at GHS 459 million in 2016, exacerbated by deteriorating infrastructure that slashed its revenue-earning assets to a mere 18%.
Debts to suppliers and related parties exceeded $600 million, and domestic bank debts surpassed GHS 400 million.
Furthermore, three of its six depots were non-
operational, and all marine assets were grounded, placing the company in a precarious position,” he noted.
However, he said that the tide began to turn by 2021 when BESTL reported a profit of GHS 163 million.
“This figure was more than doubled by 2022, with the company declaring a profit after tax of GHS 342 million.
Revenue assets witnessed a dramatic improvement from 18% to 95%, with all six depots, pipelines, and marine assets fully operational, generating substantial revenue streams,” he mentioned.
The company’s remarkable transformation earned it continental recognition in 2023 when it was named the ‘Most Transformed Public Enterprise in Africa’ at an event in Kenya.
This achievement underscored the significant progress made under the dynamic leadership of Dr Provencal and Mr. Hackman.
During the summit, Dr Provencal and Mr Hackman expressed their gratitude to BESTL’s management team and staff for their unwavering cooperation and contributions, which have been instrumental in the company’s resurgence.
The event was graced by former President John Dramani Mahama as the guest of honour, and attendees included representatives from various sectors of the company.
The recognition at the Ghana CEOs Summit highlights BESTL’s extraordinary journey from financial distress to a leading, efficiently run state-owned enterprise, setting a benchmark for other public enterprises in the country and across the continent.
