Tema-Ghana, June 08, GNA – Mr. Reginald Daniel Laryea, Chairman of the Board of Directors of GOIL Company PLC has emphasized that the desire to remain competitive and improve shareholder value underpins its corporate culture and values.
“This has kept GOIL going resulting in a strong performance in spite of the harsh economic circumstances,” Mr Laryea stated at the virtual 54th Annual General Meeting of GOIL.
He said the internal and external conditions that prevailed over the course of the year 2022 were unfavourable to Ghana thus derailing the implementation of the national budget for the year 2022.
He said the conditions were the cumulative impact of covid-19 pandemic, the Russia-Ukraine war, low exports, depreciated value of the Ghana Cedi against all its major trading currencies, and high inflation.
Mr Laryea said consequently, the downstream oil industry experienced
price destabilization which critically affected every aspect of the sector’s business operations.
He said being import dependent, the depreciated cedi caused prices of oil
products to go up by 100 percent on average, which negatively impacted the capacity of the industry to import equipment to maintain its infrastructure.
The GOIL Board Chairman revealed that industry sales, as a result, fell in 2022 by 9.6 percent compared to 10.8 percent growth in 2021.
He said the overarching strategic goal of GOIL is “presence”, stressing as a result the company has the biggest number of stations, a feature that has allowed it to keep clients who are widely dispersed geographically.
In addition to being results-driven and flexible, GOIL has continued to hold the title of Ghana’s most sought-after company in the downstream oil sector, he noted.
Mr Laryea noted that the Company’s stations had seen an increase in patronage over the last three years, and their success is attributed to their commitment to always enhancing the Client experience.
He attributed the success to the development of a sales force that had, over many years, solidified its bonds with the dealer partners that operated the stations, stressing that “the friendly relations that our Customer Service Centre has established with both corporate and individual clients have also contributed to the improved customer experience”.
He said GOIL has been in the business for over 30 years and operates both Offshore and Onshore, delivering bunkers by barge, pipeline and by truck. The Company continued to dominate the bunkering market in Ghana increasing
its market share from 60 percent in 2021 to 73 percent in 2022.
He said GOIL has also made significant investments in the supply of quality products and services to the mines, it increased its market share in the mining industry and expanded its sales volume from 49.2 million litres in 2021 to 59.2 million litres in 2022.
Mr Laryea said it had rejuvenated the non-Fuel business which was basically allowing other businesses to operate at the forecourt of the stations including GOCafes and Lubebays.
“GOIL has also increased its partnership with banks and food chain operators over the last five years,” he said.
He said GOIL commenced the construction of two new buildings for two food chain operators in Accra during the year 2022, two banks were also brought on board to provide ATM services at its stations.
