GOIL PLC Charts a New Course with Inaugural Board of Directors
Ghana’s indigenous oil marketing giant, GOIL PLC, embarked on a new chapter in its corporate journey with the inauguration of a fresh Board of Directors. This momentous occasion, marked by an Extraordinary General Meeting (EGM) of Shareholders in Accra, saw the endorsement of a nine-member board entrusted with steering the company towards continued growth and profitability. The newly constituted board represents a blend of seasoned experience and fresh perspectives, poised to navigate the dynamic landscape of the petroleum downstream sector. Mr. Nana Philip Archer, an accomplished executive with a rich history in multinational corporations, assumes the mantle of Chairman, bringing his wealth of knowledge to lead the board’s strategic direction.
The composition of the board reflects a commitment to diverse expertise and comprehensive representation. Joining Mr. Archer are Mr. Edward Abambire Bawa, the Group Chief Executive Officer, and a distinguished group of professionals including 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. This collective expertise will be instrumental in guiding GOIL’s strategic decisions and ensuring its sustained success.
Mr. Archer, in his address following the EGM, underscored the board’s unwavering focus on enhancing GOIL’s growth trajectory and profitability in the coming years. He emphasized the paramount importance of delivering top-tier goods and services in the petroleum downstream sector and allied businesses. This commitment to quality, he asserted, forms the cornerstone of shareholder satisfaction and value creation. Mr. Archer also highlighted the board’s dedication to optimizing the efficiency of company assets, recognizing the strategic importance of GOIL within the national landscape. Protecting and strengthening this asset, he emphasized, is crucial for achieving market leadership in the downstream energy sector.
Mr. Bawa, the Group CEO, outlined the immediate priorities of the new board, highlighting the upcoming first Board Meeting. This meeting will serve as a platform for company managers to present a comprehensive overview of GOIL’s current state and propose policy recommendations for board approval. Mr. Bawa emphasized the board’s commitment to enhancing shareholder value, both through share price appreciation on the stock exchange and consistent dividend payments. These two key objectives will guide the board’s strategic decisions and operational focus. He further articulated the board’s intention to adopt a dynamic approach to strategy, building upon past successes while adapting to the evolving market dynamics. Strategies that have proven effective will be refined and amplified, while those requiring adjustments will be modified to ensure sustained growth and shareholder value creation.
The EGM witnessed robust shareholder participation, both online and in-person, reflecting a strong sense of ownership and engagement. Shareholders actively participated in the voting process for all nine Board Members, demonstrating their commitment to the company’s future and the leadership entrusted with its direction. This level of engagement underscores the shared vision for GOIL’s continued success.
GOIL’s commitment to innovation and customer service is evident in its recent initiatives, including the commissioning of five Auto Gas stations nationwide in 2023. This strategic move aims to provide customers with access to modern, safe, and convenient gas facilities, further solidifying GOIL’s position as a leader in the industry. The company’s strong financial performance, reflected in its net profit after tax of GHC 123.89 million in 2022, provides a solid foundation for future growth and expansion. The new Board of Directors inherits a company with a strong track record of success and a clear vision for the future.
In essence, the inauguration of the new Board of Directors marks a pivotal moment for GOIL PLC. With a clear focus on growth, profitability, and shareholder value creation, the board is poised to lead the company to new heights of success in the dynamic and competitive petroleum downstream sector. Their commitment to quality, innovation, and customer service, combined with a strategic vision for the future, promises a bright future for GOIL and its stakeholders. The collaborative spirit demonstrated by the board, CEO, and shareholders alike, signifies a shared commitment to achieving the company’s ambitious goals. As GOIL navigates the evolving energy landscape, the new board brings a fresh perspective and a wealth of experience to guide the company towards continued growth and prosperity.
