Court halves bail for former BOST MD in GHc 60M demurrage case

In a significant legal development, a court in Accra has slashed the bail amount for Dr Edwin Alfred Provencal, the former Managing Director of the Bulk Oil Storage and Transportation Company Limited (BOST), from GHS 60 million to GHS 30 million.

The court also ruled that the two sureties required for the bail do not have to justify the amount. This decision comes after Provencal was held for eight days in the custody of the Economic and Organised Crime Office (EOCO).

His detention followed an arrest on November 10, 2025, at Kotoka International Airport as he prepared to board a flight. Reports indicate his name had been on a flight watchlist since October 8, 2025.

The Bulk Energy Storage and Transportation (BEST) Company Limited, reported impressive growth in its revenue for the financial year 2024, pushing the company’s net profit to a whopping GHS 398 million—up from GHS 208.01 million in 2023. The commendable performance represented an increase of approximately 91% over the 2023 net profit of the company.

 

The core of the investigation

The arrest is connected to an ongoing probe into an alleged financial loss to the state arising from a $4.9 million demurrage claim filed by Polypro, a Dubai-based oil trading company.

The claim stems from a shipment of diesel that was not cleared in Ghana for some time, accruing substantial demurrage fees.

 

BOST’s denies blame

 

The state-owned company has disputed the claim, asserting it had not contracted for the cargo when the demurrage costs were incurred .

The financial claim is currently before arbitration, and BOST has not paid any money to Polypro. Therefore, the alleged financial loss to the state has not yet materialised making Dr Provencal’s arrest and detention rather curious.

The case has attracted significant attention as it touches on the “Gold-for-Oil” initiative. While the G4O initiative saved Ghanaians from fuel shortages during the economic crisis of 2022/23, it also helped BOST to post significant profits.

This is what makes the focus on criminalising demurrage costs relative to BOST’s annual performance in 2023 or 2024 rather curious.

Dr Provencal, who was only recently hailed as an exemplary public servant and hero, is now facing reputational damage with this alleged criminal tag over a trading matter.

While EOCO had set the original GHS 60 million bail without formal charges being filed, the court’s intervention has provided relief by reducing the bail by half and removing the justifiable requirement for the sureties .

To date, no formal charges have been filed against Edwin Provencal. The reduction in bail marks a pivotal moment in the legal proceedings, which continue to unfold .

Speaking in an interview after the court hearing, Edwin’s lawyer, Charles Okyere, noted that EOCO breached the 1992 constitution when it continued to  hold him beyond 48 hours without presenting him before a court.

He expressed optimism that his client will be able to meet the new bail conditions so he can leave the EOCO cell within the shortest possible time. SOURCE: AsaaseRadio