GOIL PLC Inaugurates New Board of Directors for Strategic Growth

GOIL PLC has inaugurated a new nine-member Board of Directors led by Chairman Mr. Nana Philip Archer. The Board is focused on delivering quality services, enhancing shareholder value, and maintaining strategic leadership in the energy sector. The company reported a strong financial performance, including launching five new Auto Gas stations in 2023.

On March 19, GOIL PLC, Ghana’s indigenous oil marketing company, inaugurated a new nine-member Board of Directors to lead the company. This Board was formally endorsed during an Extraordinary General Meeting (EGM) held in Accra. Mr. Nana Philip Archer, a distinguished executive with over 20 years of experience in multinational corporations, has been appointed as the Chairman of the Board.

The Board members include Mr. Edward Abambire Bawa (Group Chief Executive Officer), 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. Following the meeting, Mr. Archer expressed a commitment to fostering growth and profitability, emphasizing the delivery of quality goods and services in the petroleum downstream sector.

Mr. Archer 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… Once we do this properly, we believe that our shareholders would be happy,” indicating the intention to enhance company asset efficiency. He reiterated the strategic importance of GOIL in the energy sector, asserting the need for strong protective measures to achieve market leadership.

CEO Mr. Bawa announced that the inaugural Board Meeting would involve managers presenting the company’s current status and offering policy suggestions for Board approval. He remarked, “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 to see how we can get them sorted.”

Mr. Bawa also highlighted necessary strategic adjustments to build on previous management successes, focusing on both enhancing effective areas and implementing changes where required for shareholder value appreciation. The meeting had participation from shareholders both in-person and online, who voted on the new Board members.

In 2023, GOIL PLC launched five Auto Gas stations across the nation to provide customers with modern and secure gas access. The company reported a net profit after tax of GHC 123.89 million in 2022, reflecting its positive financial trajectory.

In conclusion, the inauguration of a new Board of Directors for GOIL PLC marks a significant step in the management of Ghana’s leading oil marketing company. With a commitment to quality service delivery and strategic growth, the Board aims to enhance shareholder value while ensuring the security and efficiency of company operations. The CEO’s focus on policy evolution and performance improvement further underscores GOIL’s commitment to maintaining its market leadership in the downstream energy sector.

Original Source: gna.org.gh