GOIL PLC Inaugurates New Board of Directors to Drive Company Growth

GOIL PLC has inaugurated a new Board of Directors to enhance company operations, led by Mr. Nana Philip Archer. The Board aims to improve profitability and safeguard assets. Key focuses include delivering quality petroleum services and increasing shareholder value through strategic adjustments and dividends.

GOIL PLC, an indigenous oil marketing entity in Ghana, has inaugurated a new Board of Directors to oversee its operations. This nine-member Board was ratified during an Extraordinary General Meeting (EGM) held in Accra. Mr. Nana Philip Archer, who brings over 20 years of experience with multinational corporations, has been appointed as the Chairman. Other board members include Mr. Edward Abambire Bawa, Dr. Thomas Kofi Manu, Dr. Evelyn Lamisi Asuah, Mr. Augustine Angaa Dayuo, Dr. Peace Mamle Yoko Tetteh, Mr. Sylvester Kotey, Mr. Afetsi Awoonor, and Dr. Kwamena Minta Nyarku.

In remarks after the meeting, Mr. Archer reiterated the importance of growth and profitability for GOIL. He stated, “Our main vision has been to ensure that we deliver quality goods and services in the petroleum downstream and for the allied businesses that we have.” He expressed confidence that meeting these objectives would lead to shareholder satisfaction. Additionally, he emphasized the need to safeguard the strategic nature of the company and secure a leadership position in the downstream energy sector.

Mr. Bawa, the Group CEO, discussed the agenda for the first Board Meeting, focusing on presenting the company’s current state and discussing policy recommendations. He noted, “Every shareholder wants appreciation of the share value on the stock exchange, and payment of dividends…these are the two things we would be working towards.” Mr. Bawa also indicated that the company may adjust its strategies where necessary to build upon previous successes and enhance shareholder value.

During the meeting, shareholders participated both online and in person to vote for the nine Board Members. GOIL has made strides in 2023 by commissioning five Auto Gas stations across the country, providing modern and secure gas facilities for customers. The company reported a net profit after tax of GHC 123.89 million for the year 2022, reflecting its commitment to financial growth and market presence.

In summary, GOIL PLC has taken a significant step by establishing a new Board of Directors aimed at enhancing the company’s growth and profitability. With Mr. Nana Philip Archer leading the Board, the focus will remain on delivering quality services, safeguarding company assets, and adapting strategies to fulfill shareholder expectations for value appreciation and dividends. The company’s recent achievements, including new Auto Gas stations and notable profits, demonstrate its ongoing commitment to excellence in the oil marketing sector.

Original Source: gna.org.gh