Government not subsidizing Goil - Finance Minister

Finance minister, Seth Terkper has debunked suggestions that Government pays Subsidies to the Ghana Oil company limited, GOIL.

Addressing the company’s annual staff Awards and Dinner night in Accra, Mr. Terkper noted that it was rather government that owed the company and commended the company’s leading role in being the mainstay of fuel supply to the security agencies.

He also lauded the company for its leading role in stabilizing the market. The finance minister noted that the country needs stronger indigenous oil marketing companies and asked the companies to up their game and strengthen their capital base so they can rub shoulders with other multinationals in the face of stiff competition in the sector.

He urged GOIL to partner the Ghana Infrastructural Fund to construct more fuel tanks to among others, position Ghana as a critical transit point to supply Fuel to other countries in the sub-region.

The Group CEO and Managing Director of GOIL, Mr. Patrick A.K. Akorli, said work on the 13.5 million liter Marine Gas Oil tanks at the Takoradi port would be completed in the first quarter of 2017 so as to open avenues for bigger vessels to be bunkered. He announced the company’s intention to construct a bitumen plant in Tema next year to serve the growing construction industry.

GOIL won over seven prestigious awards including the 2015 CIMG Petroleum Company of the Year and the Marketing man of the year.

The company was also recognized as the Ghana club 100 number two Company and the 2015 best listed company of the year on the Ghana Stock exchange.

Mr. Akorli lauded the efforts of the Board, Management and Staff as well as other partners in achieving the laurels. Long serving staff and service station attendants and supervisors whose invaluable contributions have brought success to the company were awarded.

They included the group CEO/MD, Mr. Akorli and the Finance Manager, Mr. Erasmus Ofori Sarkwa who have both served GOIL for 20years as well as Mr. Daniel Danso who has served the company for thirty years. In all 26 staff and 21 service attendance/supervisors were rewarded.