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GOIL holds 49th Annual General Meeting

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Ghana Oil Company Limited (GOIL) the nation’s foremost indigenous Oil Marketing Company (OMC), on Wednesday held the 49th Annual General Meeting in Accra.

An independent Auditor, Frederick Bruce-Tagoe on behalf of PKF Chartered Accountants who audited the GOIL 2017 accounts affirmed that the company kept proper books of account.

The Auditors also acknowledged that the GOIL Groups consolidated statement of financial position and consolidated statement of comprehensive income were in agreement with the books of account.

According to the financial statement, the shares of the 20 largest shareholders stood at 347,027,776 shares representing 88.56 per cent; total of the minority shareholders stood at 44,835,352 shares representing 11.44 per cent.

Government of Ghana holds 134,123,596 shares representing 34.23 per cent; Social Security and National Insurance Trust (SSNIT) shares stood at 97,965,782 representing 25.00 per cent; and Bulk Oil Storage and Transport (BOST) 78,475,596 shares representing 20.03 per cent.

Mr Patrick Akpe Kwame Akorli, Group Chief Executive Officer of GOIL in an interview with the Ghana News Agency along-side the AGM said the company is still implementing pragmatic business plans to move its dominance the downstream oil industry to ensure that Ghanaian oil marketing companies control the industry.

He said the setting up of the GOENERGY Company Limited which is a Bulk Oil Distribution Company (BDC) has affirmed GOIL’s commitment and objective of ensuring availability and stability of fuel supply in the country.

Mr Akorli who is the Managing Director of GOIL, said through its BDC-GOENERGY which was set up in collaboration with Bulk Oil Storage and Transportation (BOST), it had ensured improvement of fuel supply in the country.

He said GOIL would continue to expand and buy distressed OMCs; “We are focused on the vision to be a world-class provider of goods and services in the petroleum and other areas of the energy industry as our geographical spread places us first in terms of the distribution of petroleum products whilst our networks enables GOIL products to reach virtually all parts of the country.

“GOIL with the current 330 retail outlets remains one of the forerunners in the state-owned enterprises sector and the petroleum industry in general”.

Mr Akorli said as part of the broader measures to ensure dominance in the downstream oil industry, GOIL was strictly enforcing a national policy of maintenance of high standards at the forecourt of its filling stations across the country.

Mr Akorli, who is also known as Togbe Adza-Nye IV, Dutorfia of Ziavi in the Volta Region, said other measures included marketing of quality petroleum and other energy products and services in all its branches in an ethical, healthy, safe, and environmentally friendly and socially responsible manner.

He said GOIL would continue to produce and manufacture goods or provide services which enhanced or supported the marketing, distribution and sale of the company’s products and services.

Mr Akorli maintained that professionally trained, high quality, and motivated workforce working as a team in an environment which recognised and rewards performance, innovation/creativity, and provided for personal growth and development are key for transforming the company.

Source: GNA

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