Edward Bawa reveals how GOIL sank into millions of dollars in debt

State-owned oil marketer GOIL PLC was drowning in debt to its sole supplier, BP, the Chief Executive Officer Edward Bawa has disclosed.

Speaking on Channel One TV’s The Point of View on Monday, March 16, 2026, Bawa revealed that GOIL’s debt to one of its major petroleum suppliers stood at about $110 million when he assumed office in 2025.

Bawa noted that GOIL repeatedly failed to settle invoices on time, forcing the company to buy petroleum products at high premiums.

This left GOIL uncompetitive at the pumps and weakened its market position.

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“At the time I got there, if we were to take BP, there was a ring-fenced debt. Usually, invoices have a maturity date, but GOIL couldn’t pay when they matured. The debt owed to BP alone was about $110 million,” he disclosed.

After years of financial strain, GOIL PLC has significantly reduced its debt to BP by slashing arrears from $110 million to $30 million.

Bawa explained that the company took advantage of the cedi stability against the dollar to engage bankers and restructure payments.

“Because the exchange rate was a bit better for us as a country, we took advantage of it and engaged our bankers. We have been able to reduce the debt to about $30 million,” he said.

Meanwhile, fuel prices have seen slight increases at various pumps including GOIL.

petrol is now selling at GH¢12.40 per litre and diesel at GH¢15.69 per litre.

SA