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Business News Wed, 12 Jun 2019

GOIL is doing well – MD tells media

Goil Company Ltd, has met with members of the media in Accra, to update the public on the status of the growing indigenous oil marketing company.

Patrick Akorli, Managing Director and Group CEO of GOIL, recounted the challenges the company had encountered before its revolution in 2007.

He said GOIL, was on the verge of a collapse, before management’s decision, to rebrand, renovate existing infrastructure, and restrategize business models.

“Our books were looking bad and our stations horrible. We couldn’t get money to pay our debts. So government came in and decided that instead of selling off Goil, we should rather give them a plan to revive and sustain the company,” he revealed.

The MD of Goil, emphasized that, efforts to have the company listed on the stock exchange, is the most prudent decision it has taken, which has kept the company financially astute.

He advised other local companies, to do all that is possible to get listed on the stock exchange, to instil discipline and continuity in their companies.

“I must say since then it has been quite an interesting story, and I want to encourage other companies to get listed on the stock exchange. At least it gives you a performance guidance.”

He stated that currently, GOIL is the benchmark for oil marketing companies in Ghana, and now positioning themselves to venture into oil exploration with its 5% stake in ExxonMobil.

“We took a decision in GOIL that to succeed, GOIL must perform well and must become the benchmark, otherwise the economy and our people will suffer. We want to play our role as a dominate local company ready to branch off to other West African regions and go vertical. As you are already aware we have taken the 5% share of the local content component of ExxonMobil,” he added.

Patrick Akorli, MD of Goil advised that it is wise for potential shareholders to invest in the company, because it has a bright future, and they would reap grossly.

“If you look at the books of Goil, we have invested so much in assets, yet the returns may not be as high as shareholders may want today. But it’s a company to invest in today because you know the company has a future,” he beseeched.

Alex Adzew, Chief Operating Officer of GOIL, revealed that collaborations with banks to evolve the nature of transactions at Goil stations to electronic from cash transactions, to bring ease and speed, to the customer.

“We are working very hard to ensure that people can now authoritatively use their debit or credit cards at our service stations which will feed the system with the requisite information for better service to be delivered,” he indicated.

He disclosed that, GOIL, with Ivorian partner, SMP are entering into a partnership to enter into road construction, producing the highest quality of bitumen to give Ghanaian roads a major facelift.

“The bitumen we want to produce would be completely different from the normal bitumen we have- that is the standard we want to bring to the nation. So we are working very hard on it and as I said it is going to take us about 18 months to fully complete. We are doing that with La Cote D’Ivoire, we have 60% and they have 40%.”

Meanwhile, Kwaku Agyemang Duah, Executive Director of the Association of Oil Marketing Companies, for its strides to stay atop the oil marketing business and asked other State Owned Enterprises to follow the model of GOIL.

He commended GOIL’s approach in arriving at corporate policy decisions.

“They exhibit prudent management and they leadership is so up to scratch. I witnessed one of their management meetings on a decision for pricing. And I couldn’t believe the spectrum of people sitting to make that decision,” the AOMC Executive Director shared.

Source: Larry Gaisie