Tema-Ghana, June 8, CDA Consult – The Chairman of the Board of Directors of GOIL Company PLC, Mr. Reginald Daniel Laryea, has emphasised that the company’s corporate culture and principles are driven by a fierce desire to maintain competitiveness and consistently increase shareholder value.
At the virtual 54th Annual General Meeting of GOIL, which was observed by the Communication for Development and Advocacy Consult (CDA Consult), Mr. Laryea said, “This has kept GOIL going, resulting in a strong performance in spite of the harsh economic circumstances.”
According to him, Ghana suffered from poor internal and foreign circumstances during the year 2022, which prevented the national budget for that year from being implemented.
Mr. Laryea added that as a result, the downstream oil industry witnessed price destabilisation, which had a significant impact on all commercial operations in the sector.
He claimed that because the depreciating cedi is import-dependent, it increased oil prices.
Products saw an average price increase of 100%, which adversely affected the industry’s ability to import machinery to maintain its infrastructure.
As a result, according to the GOIL Board Chairman, industry sales decreased by 9.6 percent in 2022 as opposed to growing by 10.8 percent in 2021.
The COVID-19 epidemic, the Russia-Ukraine war, limited exports, the depreciation of the Ghana Cedi against all of its major trading currencies, and high inflation, according to him, were the combined effects of these conditions.
Mr. Laryea added that as a result, the downstream oil industry witnessed price destabilisation, which had a significant impact on all commercial operations in the sector.
He claimed that because the depreciating cedi is import-dependent, it increased oil prices.
Products saw an average price increase of 100%, which adversely affected the industry’s ability to import machinery to maintain its infrastructure.
As a result, according to the GOIL Board Chairman, industry sales decreased by 9.6 percent in 2022 as opposed to growing by 10.8 percent in 2021.
He emphasised that since “presence” is GOIL’s overall business goal, the company has the most stations, a quality that has helped it retain geographically separated clients.
He pointed out that GOIL has maintained its position as Ghana’s most sought-after firm in the downstream oil industry in addition to being results-driven and adaptable.
According to Mr. Laryea, the company’s stations have seen an increase in customer traffic over the past three years, and their success is due to their dedication to continuously improving the customer experience.
He stressed that “the friendly relationship that our Customer Service Centre has established with both corporate and individual clients has also contributed to an improved customer experience” and attributed the success to the growth of a sales force that has, over many years, solidified its ties with the dealer partners that operate the stations.
He asserted that GOIL has been in operation for more than 30 years, operating both offshore and onshore, and providing bunkers by barge, pipeline, and truck. The firm increased its market share from 60% in 2021 to 73% in 2022, demonstrating its sustained dominance of Ghana’s bunkering business.
According to him, GOIL has also made considerable expenditures in providing the mines with high-quality goods and services. It has grown its market share in the mining sector and boosted its sales volume from 49.2 million litres in 2021 to 59.2 million litres in 2022.
According to Mr Laryea, it has revived the non-fuel sector, essentially enabling the operation of additional businesses such as GOCafes and Lubebays on the forecourt of the stations.
“GOIL has also increased its partnership with banks and food chain operators over the last five years,” the speaker claimed.
According to him, in 2022, GOIL began building two new structures for two restaurant chains in Accra. Additionally, two banks were added to the project to provide ATM services at the company’s stations.
