Mr Reginald Daniel Laryea, new Chairman of the Board of Directors of GOIL Company Limited has noted that the reconstituted board will work to improve on the value of shareholders’ investment and pursue higher profitability.

Mr Laryea promised shareholders and customers that the new team would build on the hard work and success of the previous Board.

“the GOIL team will leverage on its strong brand and resilience to bring in more premium products that will attract new consumers”.
Reginald Daniel Laryea

The New Board Chairman, Mr Laryea, made this known at GOIL’s Shareholders extraordinary general meeting, that approved the appointment of four personalities, including; Mr Laryea to replace retiring directors.

Mr Laryea, who is an Advertising and Marketing expert noted that the new board would work hard to ensure that GOIL continued to be the leading OMC in the country, “GOIL will continue to take giant steps ahead in the petroleum industry”.

Mr Laryea indicated his commitment to improving the GOIL company to make it look attractive to investors. This, according to him, will enhance the performance of the company on the Ghana Stock Exchange.

“We need to improve our standings on the Ghana Stock Exchange. This can be achieved by making GOIL company attractive to investors to invest. This new board will work hard to get the results.”
Reginald Daniel Laryea

Mr Osei-Prempeh, the GOIL Group CEO and Managing Director, acknowledged the expertise the new board is bringing onboard to the GOIL team.

He said GOIL would continue to focus on its mission of marketing quality petroleum and other energy products and services in a safe, ethical, healthy, environmentally friendly and socially responsible manner.

The GOIL CEO noted that GOIL has gone through series of changes, all aimed at transforming it into an efficient and profitable entity in the Oil and Gas industry with the customer at the core of its business. He also commended shareholders for their faithfulness to the company and pledged that the Board and Management would continue to inject prudent management practices to make GOIL resilience in a turbulent industrial sector.

The MD of GOIL revealed that the company has registered three subsidiaries- GOEnergy Company Limited, a Bulk Oil Distribution Company (BDC), which distributes petroleum products to OMCs.

Others are GOIL Offshore Ghana Limited, an upstream subsidiary for exploration operations in Ghana’s Deep-water Cape Three Points Bloc, and GOIL Financial Services Limited, which provides an electronic payment system and aims to provide money transfer services.

The new GOIL Board of Directors are: Mr Laryea who is a former President of the Advertising Association of Ghana as the new Chairman, Mr Kwame Osei-Prempeh, GOIL Group CEO and Managing Director; Mr. John Boadu, General Secretary of the New Patriotic Party; and Mr Edwin Alfred Provencal, Managing Director of the Bulk Oil Storage and Transportation (BOST) Company Limited.

It can be recalled that, GOIL, by a shareholders resolution passed on August 1, 2007, adopted new regulations and was converted into a public company.

The Government of Ghana, in 1974, acquired the shares of AGIP SPA and Hydrocarbons International Holdings in AGIP Ghana Company Limited. By a special resolution in 1976 the name of the company was changed to Ghana Oil Company Limited.