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Business News of Monday, 28 June 2021

Source: GNA

GOIL's resilience in withstanding crisis is unmatched - Bartels

Goil is the state-owned oil firm Goil is the state-owned oil firm

Mr Kwamena Bartels, Board Chairman of GOIL Company Limited has revealed that GOIL's resilience in withstanding crisis is unmatched in Ghana's history.

"One good example is when the Company was placed on the divestiture list. The collective efforts of members of staff, management and the board helped to pull the company out of the list and subsequently got listed on the Ghana Stock Exchange, a feat that continues to attract the admiration of many in Ghana.

"We successfully dealt with the COVID-19 pandemic in 2020 at our numerous filling stations. GOIL has an inherent capacity to withstand and quickly recover from difficulties.

"GOIL is a company determined to be significant in the development of the nation's economy," Mr Bartels stated at the 52nd Annual General Meeting of GOIL to receive and consider the reports of Directors, Auditors, and Financial Statements for the year ended December 31, 2020.

Mr Bartels however revealed that the year 2020 witnessed a drastic economic slowdown mainly as a result of the COVID-19 pandemic.

However, growth in the downstream oil industry was, higher than expected, 4.8 per cent compared to the same period last year.

He said the two dominant products, diesel, and gasoline contributed significantly to the growth registering approximately 13 per cent and 9 per cent respectively.

On holding the Virtual AGM, Mr Bartels explained that it was in compliance with the current restrictions on public gatherings in force pursuant to the imposition of Restrictions Act, 2020 (Act 1012) and consequent Regulatory Directives.

He added that attendance and participation by all members and/or their proxies in this year's GOIL AGM shall be strictly virtual-online participation.

Meanwhile Nana Ama Kusi-Appiah, Company Secretary who presented the agenda for the meeting indicated that dividend for the year under review would be declared.

She said the GOIL Virtual AGM would also elect directors retiring by rotation; authorize the directors to fix the remuneration of the auditors; and fix the remuneration of the directors.

She explained further that shareholders were entitled to attend and vote may appoint a proxy to attend via online participation and vote on his/her behalf; such a proxy need not be a member of the company.