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Business News of Friday, 24 May 2019


GOIL CEO gets new appointments

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Patrick Akpe Kwame Akorli, Group Chief Executive Officer of GOIL Company Limited has been appointed as the Chairman of the GOIL Group of Companies with specific focus on the GOENERGY subsidiary of the company.

Mr Akorli who was expected to proceed on leave in June prior to his retirement from GOIL in November would now assume the new portfolio to continue to contribute to the development of the GOIL brand.

Mr Kwamena Bartels, GOIL Board Chairman, announced the change of portfolio of Mr Akorli at the 50th Annual General Meeting of the GOIL Company Limited, which received overwhelming endorsement by the shareholders.

Mr Akorli was appointed as the Managing Director of the company, on June 1, 2012. Until the appointment, he was the Finance Manager of the company.

He joined GOIL in 1994 and served in various positions including Acting Chief Accountant, Treasurer, Chief Internal Auditor, and on occasions, acted as the Fuels Marketing Manager.

A Chartered Accountant by profession, Mr. Akorli also holds an Executive Masters degree in Business Administration from the Ghana Institute of Management and Public Administration (GIMPA).

Aside his extensive experience acquired from key roles in GOIL, Mr. Akorli is described by his colleagues as energetic, compassionate, genuinely well-rounded, a creative thinker and problem solver who always applied analytical skills to business.

Mr. Akorli is also the Dutorfia of Ziavi with the stool name Togbe Adza-Nye IV, in the Ho Municipality.

Meanwhile, GOIL has made a consolidated profit after tax of GHS81.90 million.

“Over the last five years, the company’s profit after tax has grown 20 per cent per year on average.

“In the year under review, 2018, GOIL made a consolidated profit after tax of GHS81.9 million, up by 26 per cent. The assets of GOIL, as a group grew by 30 per cent, from GHS1,036 billion to GHS1,346 billion.

“Earnings per share increased from approximately GHS0.17 per share to GHS0.21 per share,” Mr Bartels announced to shareholders.

As a result, the Board of Directors proposed a dividend of GHS0.042 per share, a 50 per cent increase over that of the year 2017”. The Board of Directors also approved a change in the name of the company from Ghana Oil Company Limited to GOIL Company Limited and gave its blessings to its partnership with ExxonMobil on the exploration of deep-water Cape three Points oil field.

On issues of Health, Security, Safety and Environment, Mr Bartels said GOIL was committed to achieving a goal of “Zero harm” to staff, customers and communities in which they operated.

Measures like Hazard identification, Risk Assessment, Workplace audits and inspection were undertaken to ensure the full realization of this goal.

Rigorous security measures with the assistance of the Ghana Police Service to protect lives and property were largely successful in deterring armed robbers and other criminals from GOIL service stations, especially those in the remote areas, where armed robbers attack was rampant.

Mr Bartels said through dedication and hard work, GOIL is now 14001:2015 (EMS) certified.

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