The former Managing Director of the Bulk Oil Storage and Transportation Company Limited (BOST), Dr. Edwin Alfred Provencal, has been granted bail set at GH¢60 million with two sureties to justify, following his arrest at the Kotoka International Airport (KIA) earlier this week.
Dr. Provencal was reportedly detained on Monday, November 10, 2025, while preparing to board a flight to Maputo, Mozambique, for an official engagement. His arrest, according to former NPP General Secretary John Boadu, was effected after the former BOST boss’s name appeared on a flight watchlist issued on October 8, 2025 — a notice he was allegedly unaware of until his detention.
The development follows heightened scrutiny over BOST’s management of the Gold-for-Oil programme, which has faced allegations of governance lapses and financial mismanagement. A recent forensic risk assessment by policy think tank IMANI Africa pointed to significant fiscal irregularities and structural weaknesses within the initiative. The report called for “urgent prosecutions and recovery” of what it described as misused funds, while highlighting gaps in pricing controls, preferential access, and coordination between the Bank of Ghana and the Precious Minerals Marketing Company (PMMC).
Although the specific charges against Dr. Provencal have not been publicly detailed, sources close to the investigation indicate that his arrest forms part of broader efforts to examine accountability lapses in the implementation of the Gold-for-Oil policy. The Economic and Organised Crime Office (EOCO) is reportedly leading aspects of the inquiry in collaboration with other oversight institutions.
Dr. Provencal, however, has consistently denied any wrongdoing. In earlier statements, he defended the integrity of the Gold-for-Oil programme, describing it as one executed “under strict transparency and corporate governance standards.”
Meanwhile, the court has ordered that the former BOST MD surrender his passport and report periodically to investigators pending further proceedings. His GH¢60 million bail with two sureties — both required to justify their capacity — is one of the highest granted in recent months for a public-sector financial probe.