GOIL PLC convened its 56th Annual General Meeting (AGM) in Accra, drawing together shareholders, Board members, management, regulators, and key stakeholders. The meeting was chaired by Board Chairman, Nana Philip Archer, with the Group Chief Executive Officer and Managing Director, Mr. Edward Bawa, delivering a keynote statement that outlined the company’s forward-looking strategy and leadership direction.
CEO Outlines Strategic Direction and Vision for GOIL
In a strong and visionary address, Mr. Edward Bawa reaffirmed GOIL’s unwavering commitment to innovation, sustainability, and long-term value creation. He emphasized that GOIL’s transformation will be anchored in the integration of technology, enhancement of corporate governance structures, and the promotion of shared prosperity.
“Our performance is guided by clearly defined Key Performance Indicators (KPIs) approved by the Board and cascaded across all levels of the organization. These KPIs are not abstract—they are measurable deliverables that shape how we operate, compete, and grow,” Mr. Bawa stated.
He further emphasized that GOIL’s transformation agenda is results-driven and aimed at repositioning the company to reclaim its leadership position in the energy sector:
“This results-oriented approach is key to repositioning GOIL and restoring it to its former glory.”
Mr. Bawa also highlighted critical areas of focus for 2025, including:
• Expansion of LPG bottling capacity in Tema and Kumasi
• Market share growth in aviation and mining fuels
• Acceleration of digital transformation across the company’s operations
Board Chairman Highlights Strong Financial Performance
Earlier in the meeting, Board Chairman Nana Philip Archer lauded GOIL’s resilience in navigating a volatile global and domestic environment in 2024. Despite macroeconomic challenges—including inflation, supply chain disruptions, and geopolitical uncertainty—GOIL recorded robust financial performance, including:
• A consolidated profit of GH¢84.7 million, a 54.82% increase over 2023
• 20.1% growth in total consolidated assets, reaching GH¢4.8 billion
• A 34% increase in current assets, driven by improved trade receivables
• A 54.3% rise in earnings per share, from GH¢0.140 to GH¢0.216
A dividend of GH¢0.056 per share was proposed for the 2024 financial year and subsequently adopted by shareholders.
Progress in HSSEQC, CSR, and Infrastructure Development
On Health, Safety, Security, Environment, Quality, and Compliance (HSSEQC), the Board Chairman reported significant progress, including reduced incidents, enhanced environmental compliance, and steady advancement toward ISO certification.
GOIL also continued to demonstrate its commitment to social impact through strategic Corporate Social Responsibility (CSR) interventions in water and sanitation, education, and healthcare. Partnerships with the National Blood Bank and Operation Smile Ghana were cited as key highlights.
Additionally, the commissioning of the GOIL SMB Bitumen Plant in Tema in September 2024 was announced, with both the CEO and Chairman underscoring its strategic value to Ghana’s road infrastructure development agenda.
