BOST’s iPhone Purchase: Clarifying the Numbers and Intentions

African News

The Bulk Oil Storage and Transportation Limited Company (BOST) recently found itself in the midst of controversy following reports that it had purchased a staggering 18 iPhone 13 Pro Max phones for its staff, at a total cost exceeding GH¢28 million. However, in a statement issued in response to these reports, BOST has sought to provide clarity on the situation, shedding light on the true details of the purchase and its rationale.

BOST confirmed that it had indeed acquired the iPhones for its corporate executives in May of the previous year. Contrary to the sensationalized figures in the media, the actual total cost of these phones amounted to Two Hundred and Thirty-Four Thousand Ghana Cedis (GHS 234,000.00), which was grossed up for taxes, resulting in a sum of Two Hundred and Eighty-Five Thousand, Four Hundred and Twelve Ghana Cedis, Sixteen Pesewas (GHS 285,412.16).

This expenditure was properly documented and accounted for in the financial reports of the company. Additionally, it is important to note that the Auditor General conducted an audit of these financial records, and no adverse findings were made regarding this specific purchase.

In addressing the apparent disparity in the reported cost of the iPhones, BOST acknowledged that an error occurred in the placement of the decimal point in the financial report. Specifically, the amount of Twenty-Eight Million, Five Hundred and Forty-One Thousand, Two Hundred and Sixty-One Ghana Cedis (GHS 28,541,261.00) was erroneously stated, likely due to the incorrect placement of the dot (.) two steps to the right. This typographical mistake mistakenly inflated the cost from GHS 285,412.61 to the erroneous GHS 28 million figure.

BOST vehemently denies the claim that it purchased 18 phones at the staggering sum of 28 million Ghana Cedis, asserting that such a notion is both erroneous and mischievous. Instead, it emphasized that the purchase of the iPhones was a strategic decision aimed at enhancing the efficiency of its corporate executives.

The statement from BOST clarified the intention behind acquiring these smartphones, stating that they were procured to equip the executive team with the tools necessary to stay connected with the management information and business intelligence systems of the company. This, in turn, would facilitate efficient decision-making processes within the organization.

In the realm of petroleum storage and transportation, where timing and access to critical information are paramount, such investments in technology can significantly impact the success of operations. BOST emphasized that the systems put in place, including providing key team members with the ability to access processed information promptly, have already yielded positive results in terms of operational efficiency.

In light of these clarifications, BOST calls upon the public to disregard any misleading claims about the purchase of iPhones at exorbitant prices. The focus, it asserts, should remain on the company’s commitment to modernizing its operations and equipping its team with the tools necessary for making informed and efficient decisions in the ever-dynamic petroleum industry.