GOIL PLC has inaugurated a new nine-member Board of Directors to oversee its operations, with Mr. Nana Philip Archer as Chairman. The Board aims to enhance company growth and shareholder value, with strategies to adapt and improve on previous successes. Recent initiatives include commissioning new Auto Gas stations and reporting significant profits.
On March 19, GOIL PLC, Ghana’s premier oil marketing entity, inaugurated its new Board of Directors during an Extraordinary General Meeting of Shareholders held in Accra. The newly formed nine-member Board includes Chairman Mr. Nana Philip Archer, who possesses over two decades of international corporate experience, along with other distinguished members such as Mr. Edward Abambire Bawa, Dr. Thomas Kofi Manu, and Dr. Evelyn Lamisi Asuah.
Mr. Archer outlined the Board’s commitment to enhancing the company’s growth and profitability, stating, “Our main vision has been to ensure that we deliver quality goods and services in the petroleum downstream… Once we do this properly, we believe that our shareholders would be happy.” He underscored the strategic necessity of protecting corporate assets and striving for market leadership within the downstream energy sector.
In attendance, CEO Mr. Bawa shared insights regarding the impending first Board Meeting, which will address the company’s current state and policy adjustments. He articulated, “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.”
Emphasizing a proactive approach, Mr. Bawa expressed a willingness to adapt strategies as necessary to enhance shareholder value and leverage prior management successes. He affirmed, “Areas that we worked and worked very well, we will just improve on them…strategies that we need to change, we will change them.”
During the meeting, shareholders participated both online and in-person, casting votes for the Board Members. GOIL PLC has undertaken significant initiatives, such as the commissioning of five Auto Gas stations across the nation in 2023, ensuring safe access to modern gas facilities. The company also reported a commendable net profit after tax of GHC 123.89 million in 2022.
In summary, the inauguration of the new Board of Directors at GOIL PLC marks a strategic step towards enhancing the company’s performance in the Ghanaian oil industry. With an experienced Chairman and a dedicated team, the Board is focused on fostering growth and profitability while ensuring shareholder value and operational efficiency. The proactive plans for adapting strategies and introducing modern facilities demonstrate GOIL’s commitment to securing its position as a market leader in the downstream energy sector.
Original Source: gna.org.gh
