GOIL PLC inaugurated a new Board of Directors, headed by Chairman Mr. Nana Philip Archer, and includes Mr. Edward Abambire Bawa as CEO. The Board aims to enhance profitability, adapt strategies, and improve shareholder value. GOIL commissioned five Auto Gas stations in 2023 and reported a net profit of GHC 123.89 million for 2022.
On March 19, 2023, at an Extraordinary General Meeting in Accra, GOIL PLC, Ghana’s leading oil marketing company, inaugurated a new Board of Directors tasked with steering the company’s future. The newly formed nine-member Board, which received shareholder endorsement, includes experienced executives from various sectors.
Mr. Nana Philip Archer has been appointed as the Chairman of the Board, bringing over two decades of experience in multinational corporations. The Board members also include Mr. Edward Abambire Bawa, who serves as the Group Chief Executive Officer, alongside 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 his remarks, Mr. Archer highlighted the company’s commitment to growth and profitability, stating, “Our main vision has been to ensure that we deliver quality goods and services in the petroleum downstream and for the allied businesses we have…” He underscored the importance of safeguarding the company’s strategic assets and aiming for market leadership in the downstream energy sector.
Mr. Bawa shared that the inaugural Board Meeting would focus on assessing the company’s current state and making policy recommendations for shareholder approval. He emphasized the dual objectives of increasing share value and ensuring timely dividend payments, stating, “Every shareholder wants appreciation of the share value on the stock exchange…these are the two things we would be working towards.”
Moreover, Mr. Bawa expressed the intention to adapt strategies as necessary to build on the successes of the previous management, underscoring the goal of enhancing shareholder value on the stock exchange. Shareholders participated in the meeting, engaging in the voting process for the Board’s composition both online and in person.
In addition to the board elections, it was noted that GOIL PLC had commissioned five new Auto Gas stations in 2023 to provide customers with modern and safe gas access, and the company reported a net profit after tax of GHC 123.89 million for the fiscal year 2022.
The inauguration of the new Board of Directors at GOIL PLC represents a significant step towards enhancing the company’s operational efficiency and market presence in Ghana’s energy sector. With a focus on growth, profitability, and shareholder value, the Board aims to implement strategic initiatives and adapt existing strategies to fortify GOIL’s position in the downstream oil market. The commitment to quality service and modern facilities further underscores the company’s dedication to meeting customer needs and achieving sustainable success.
Original Source: gna.org.gh
