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Business News of Wednesday, 31 August 2005

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GOIL To Be Privatized Next Year

The Government is to offload large portions of her majority shares in Ghana Oil Company (GOIL) next year through the Ghana Stock Exchange.

With this move, GOIL is expected to raise capital for the expansion of its operation. This will also give individuals and corporate organisations the opportunity to own shares in the company.

Kwaku Agyeman-Manu, deputy minister for finance and economic planning in charge of revenue, disclosed this to journalists after receiving two cheques from GOIL, totaling ?11.075 billion for the payment of dividend to government. Three out of ?11.075 billion was the final dividend declared on GOIL?s 2004 accounts, whereas ?7.9 billion was an interim dividend on GOIL?s 2005 account for the first six months. He said government had been working hard to provide a stable macro environment to make the work of oil marketing companies easier.

?This support was amply demonstrated when in 2004, government converted the outstanding International Development Agency (IDA) loan lent to GOIL as equity to enable the company improve its capital base,? he said.