BOSTenergies Pays Historic First Dividend to Government as TOR and GOIL Strengthen Strategic Petroleum Ties

In a landmark development for Ghana's energy sector, BOSTenergies has paid its first-ever dividend to the government, marking a significant turnaround in its 33-year history. For the 2025 fiscal year, the company presented a GH₵34.2 million dividend, representing 5% of its profit after tax. This financial milestone follows a period of aggressive growth under the current administration, with BOSTenergies reporting a 195% revenue increase from GH₵1.29 billion to GH₵3.81 billion. Profit after tax also saw a substantial rise, climbing from GH₵398 million in 2024 to GH₵684 million in 2025. Energy Minister Dr. John Abdulai Jinapor commended the company’s performance, noting that such fiscal discipline is essential for enhancing value for all Ghanaian citizens.

Managing Director Afetsi Awoonor attributed the company’s success to robust growth strategies and a firm commitment to improving national energy security. This shift toward profitability is part of a broader revitalisation of state-owned enterprises within the petroleum value chain. Alongside BOST’s financial success, the Tema Oil Refinery (TOR) and the Ghana Oil Company Limited (GOIL) have deepened their commercial collaboration. This partnership aims to boost the supply and offtake of locally refined petroleum products, ensuring that the domestic market benefits from increased availability and price stability.

TOR Managing Director Edmond Kombat highlighted that operational improvements at the refinery are being leveraged through these strategic partnerships to meet national transformation goals. GOIL CEO Edward Abambire Bawa further emphasised that closer cooperation between these state entities is vital for building resilience in the downstream sector and improving their collective market positions. These combined efforts between TOR, GOIL, and the high-performing BOSTenergies signal a coordinated approach to reducing reliance on imports and strengthening the local petroleum infrastructure.

Looking ahead, BOSTenergies aims to sustain its growth trajectory and expand its market presence across the West African sub-region. The successful dividend payment serves as a blueprint for other state-owned entities, demonstrating that strategic management and operational efficiency can yield direct financial benefits for the state. As the government continues to prioritise energy security, the focus will remain on fostering synergy between these key institutions to ensure a stable and self-sufficient energy future for Ghana.