GOIL PLC held its 56th Annual General Meeting (AGM) in Accra, bringing together shareholders, board members, management, regulators, and key stakeholders to review the company’s performance and set the stage for future transformation.
The session, chaired by Board Chairman Nana Philip Archer, was headlined by Group CEO and Managing Director, Mr. Edward Bawa, who laid out a results-driven vision to reposition GOIL as a dominant force in Ghana’s energy sector.
Delivering the keynote address, Mr. Edward Bawa outlined GOIL’s forward-looking strategy anchored on innovation, operational efficiency, and stakeholder value. He reiterated that the company’s transformation agenda is focused on tangible, trackable goals underpinned by robust governance systems.
“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. Edward Bawa, Group CEO and Managing Director of GOIL
He emphasized GOIL’s commitment to sustainable value creation and technology adoption. “This results-oriented approach is key to repositioning GOIL and restoring it to its former glory,” Bawa said.
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, and Acceleration of digital transformation across the company’s operations.”
Strong Financial Performance Amid Economic Headwinds
Board Chairman Nana Philip Archer highlighted the company’s resilience in the face of global and local economic volatility in 2024, including inflation, supply chain disruptions, and geopolitical uncertainties.
GOIL achieved strong financial results, highlighted by a 54.82% rise in consolidated profit to GH¢84.7 million.
The company’s total consolidated assets grew by 20.1% year-on-year to GH¢4.8 billion, while current assets saw a 34% increase, fueled by better trade receivables and inventory turnover. Additionally, earnings per share jumped by 54.3%, climbing from GH¢0.140 to GH¢0.216.
A dividend of GH¢0.056 per share was proposed and unanimously adopted by shareholders, reflecting GOIL’s sustained profitability and shareholder value creation.
“The results speak for themselves.
“Despite a challenging environment, GOIL’s disciplined management and operational strategy have delivered value for all stakeholders.”
Nana Philip Archer, Board Chairman of GOIL
The Board Chairman also reported steady gains under GOIL’s Health, Safety, Security, Environment, Quality, and Compliance (HSSEQC) agenda. The company saw a decline in reported incidents, improved environmental compliance, and continued work toward ISO certification.
In line with its social responsibility ethos, GOIL expanded its Corporate Social Responsibility (CSR) programs in 2024, with a focus on health, education, and sanitation.
A major infrastructure milestone was the commissioning of the GOIL SMB Bitumen Plant in Tema in September 2024.
Both Mr. Bawa and Nana Archer highlighted the plant’s strategic value to Ghana’s national road development programme, ensuring domestic availability of quality bitumen and reducing import dependency.
Mr. Bawa emphasized that GOIL’s transformation is anchored not only in financial targets, but also in fostering inclusive growth, good corporate citizenship, and sustainability.
They noted, “We are not just growing for the balance sheet—we are growing for Ghana,” expressing confidence that GOIL is well-positioned to thrive amid sector reforms and energy transition trends.
With a clear roadmap, solid financial footing, and visionary leadership, GOIL is poised to consolidate its position as a leading integrated energy solutions provider in Ghana and beyond.
