GOIL PLC has held its 57th Annual General Meeting (AGM), with Board Chairman, Nana Philip Archer, highlighting the Company’s resilient performance, strategic discipline, and commitment to sustainable growth despite a challenging global petroleum market.

Addressing shareholders, the Chairman noted that GOIL’s strong focus on operational efficiency and prudent management resulted in a 7.05% increase in Net Profit After Tax, rising from GH¢84.70 million in 2024 to GH¢90.67 million in 2025, despite a decline in revenue due to prevailing market conditions.

The Chairman further highlighted improvements in operational efficiency, cost optimisation, and enhanced shareholder value, including the Board’s recommendation of a final dividend of GH¢0.060 per share for the 2025 financial year.

Shareholders voted overwhelmingly to approve the Board’s request to authorize Management to raise up to GH¢1 billion from the bond market to support the Company’s strategic growth agenda.

Responding to questions from shareholders, Group CEO & Managing Director, Mr Edward Abambire Bawa, explained that the proposed funds would be used to expand the storage capacities of GOBitumen and LPG bottling plants to serve Ghanaians better, while also helping the Company restructure its debt portfolio through the repayment of short-term loans to strengthen GOIL’s long-term financial position.

Shareholders praised the Board and Management for the tremendous turnaround in GOIL’s fortunes, the growth in shareholder value, and the dividend increase. They further encouraged Management to sustain the momentum and deliver even stronger performance in the coming years. Shareholders particularly commended the Group CEO & Managing Director for the transparency and clarity demonstrated in responding to questions at the AGM.

The 57th AGM brought together shareholders, members of the Board, Management, regulators, members of the investment and financial community, staff, and other distinguished stakeholders to reflect on GOIL’s 2025 performance and discuss the Company’s strategic direction for future growth.

Backed by strong shareholder confidence, a clear growth strategy, and a renewed commitment to excellence, GOIL is not only building on today’s gains but positioning for an even stronger tomorrow.

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The petroleum downstream sector in Ghana is undergoing one of the most dynamic transformations in its recent history, characterised by increased competition, fast market expansion, and the emergence of strong indigenous Oil Marketing Companies (OMCs). In this dynamic environment, GOIL PLC is firmly on the front foot with increased commercial momentum, improved operational performance and a clear strategic focus on sustainable growth.

As the leading indigenous OMC in Ghana and the firm with the largest retail network in the country, GOIL has played a crucial role in maintaining fuel accessibility across the country. Between 2020 and 2022, the Company recorded strong growth, reaching over 1.06 billion litres in annual sales and achieving a peak market share of 22.72% in October 2022. But the downstream industry kept moving ahead at a rapid pace with the aggressive expansion of new indigenous businesses, which intensified rivalry and altered market dynamics.

Like many players in the industry, GOIL faced intense market pressures between 2022 and 2025 due to shifting consumer patterns, aggressive pricing initiatives, and heightened market fragmentation. During this period, strong indigenous competitors gained ground while established multinational players also shifted to a more competitive operating environment. Despite these adjustments, GOIL remained focused on strengthening its operational basis, boosting product competitiveness, revitalising its retail network and enhancing consumer value propositions nationwide.

Recent performance metrics indicate that such deliberate efforts are producing favourable results. According to the Company’s internal performance reviews by its Research and Business Intelligence Department (ReBID), GOIL recorded the highest year to date growth among the major OMCs in Ghana between January and April 2026. Sales volumes increased by about 45.9% relative to the corresponding period in 2025. Total volumes for the first four months of 2026 were about 365.6 million litres, indicating a renewed momentum across the business.

Notably, GOIL reclaimed market leadership in February 2026, and market share rose to 13.6% in March 2026, the highest level since the first quarter of 2023. The most evident signal of this resurgence came in April 2026, when provisional industry data showed GOIL recording approximately 108.86 million litres in sales, the highest monthly volume achieved by the Company within the six-year review period. This exceeded the previous monthly high of 100.5 million litres recorded in April 2022 and represented a remarkable year-on-year growth of 76.7% over April 2025.

This performance is attributable to improved commercial discipline, enhanced supply stability, stronger customer-focused execution, and renewed operational efficiency across its nationwide network. Under the renewed vision and strategic direction of current leadership, the Company has sharpened its focus on execution, strengthened internal coordination, and pursued deliberate interventions aimed at restoring competitiveness and delivering greater value to customers.

The downstream market, however, remains intensely competitive. Indigenous players are actively expanding, suggesting a deeper structural shift in Ghana’s petroleum sector. While this changing landscape brings new challenges, it also reinforces GOIL’s long-standing strategic strengths: a trusted national brand, extensive infrastructure, nationwide accessibility, strong supply capabilities, and a deep commitment to serving customers across both high- and low-volume markets.

 For GOIL, the current result is not just a short-term bounce but a conscious repositioning of the business in an increasingly competitive market. Continued agility, operational discipline, and customer-centric innovation will be critical to sustained leadership. The Company remains strongly focused on cementing its gains and strengthening its position as a trusted partner in Ghana’s energy future.

Beyond operational gains, GOIL’s recent resurgence is also strongly reflected in its performance on the Ghana Stock Exchange. The Company emerged as one of the market’s standout equities in 2025, with its share price rising from GH¢1.52 at the beginning of the year to GH¢2.96 by 31 December 2025, representing an impressive 95% growth in shareholder value. The momentum strengthened further in 2026, with the stock reaching a year high of GH¢8.01 on the Ghana Stock Exchange by May 2026, up from GH¢2.96 at the start of the year. This exceptional rise reinforces growing investor confidence in GOIL’s strategic direction, improving operational and commercial performance, and the impact of deliberate reforms under the Company’s leadership. Taken together, the sustained upward trend in the exchange positions GOIL as one of the notable corporate success stories on the GSE, demonstrating resilience, renewed competitiveness, and strong market confidence.

As GOIL continues the transformation journey, one objective remains clear: delivering quality products, affordable value, and reliable nationwide service while advancing its mission of powering lives and businesses with Good Energy.

GOIL PLC has officially launched its HSSEQ Week 2026, reaffirming its unwavering commitment to health, safety, security, environment, and quality (HSSEQ) excellence across its operations.

The week-long celebration, themed “Promoting a Positive Psychosocial Working Environment,” brings together staff, regulators, and key industry stakeholders to highlight the importance of both physical and mental well-being in the workplace.

Welcoming participants to the launch, the Group Chief Executive Officer and Managing Director, Edward Abambire Bawa, emphasized that health and safety remain at the core of GOIL’s operations, noting that the company’s commitment is reflected in its status as a triple ISO certified organisation.

Speaking on the rationale behind the celebration, the Head of HSSEQ indicated that the initiative is designed to deepen awareness, strengthen safety culture, and promote holistic employee well-being, with particular attention to emerging psychosocial risks in the workplace.

The Chief Executive of the National Petroleum Authority, Mr. Godwin Kudzo Tameklo, commended GOIL for instituting the initiative, describing it as a clear signal that the company places high priority on health and safety, to the benefit of both shareholders and the public. Unveiling a Staff HSSEQ Handbook, he noted that the document would serve as a template for other oil marketing companies to follow, adding that “GOIL isn’t leading the industry only in volumes sold, but in real leadership initiatives such as we are witnessing today.”

Other stakeholders, including the Chief Executive of COMAC, Dr Riverson Oppong, and the Director of Compliance at the Environmental Protection Agency, praised GOIL for its leadership in safety and its strong regulatory compliance record.

In a keynote address, Dr. Robert Amesiya, the Greater Accra Regional Director of the Ghana Health Service, lauded GOIL for shifting its focus to psychosocial well-being, stressing that true workplace safety cannot be achieved without addressing employees' mental and emotional health. He encouraged the company to continue investing in supportive work environments where performance can be achieved without undue psychological strain.

HSSEQ Week 2026 will feature a series of activities aimed at reinforcing GOIL’s culture of safety, wellness, and operational excellence.

As GOIL continues to lead in Ghana’s petroleum downstream sector, the company remains committed to delivering Good Energy through safe, responsible, and people-centered operations.

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GOIL PLC has donated assorted food items, drinks, and bottled water to the National Chief Imam, Sheikh Osman Nuhu Sharubutu, at his residence in Fadama, Accra, in support of activities marking this year’s Ramadan.

The donation was presented by a GOIL delegation led by the Head of Research and Business Intelligence, Dr. Michael Lagble, as part of the Company’s ongoing corporate social responsibility initiatives.

Items donated included 50 cartons of assorted drinks, 10 bags of rice, 10 cartons of cooking oil, 10 cartons of Milo, 12 cartons of milk, 8 bags of tea, 8 bags of 50kg sugar, 50 cartons of bottled water, and 10 cartons of tomato paste, among others.

Speaking at the presentation, Dr. Lagble noted that the gesture forms part of GOIL’s annual support to the Muslim community during the Holy Month of Ramadan. He emphasized that the Company remains committed to standing in solidarity with its Muslim brothers and sisters, particularly as they prepare to mark the end of the fasting period with Eid ul-Fitr. He further conveyed GOIL’s best wishes to the Chief Imam and all Muslims across the country for a peaceful and joyous celebration.

The National Chief Imam expressed appreciation to GOIL PLC for its consistent support over the years and offered prayers for the Company’s continued growth and success.

Dr. Lagble was accompanied by the Public Relations Manager, Mr. Desmond Asati; Corporate Affairs Executives, Mr. Adel Umar Ibrahim, and Ms. Irene A. Mensah; and other officials of GOIL PLC. The items were received on behalf of the Chief Imam by his Protocol Officer, Alhaji Abdul-Latif Ayinde Abdul Salam, and the Chief Imam’s Spokesperson, Sheikh Armiyawo Shaibu, and other officials of the Imam’s Palace.

The gesture underscores GOIL PLC’s commitment to supporting communities and strengthening social cohesion, particularly during significant religious occasions.

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The family of a beneficiary of GOIL’s kidney surgery sponsorship has visited Management at the company’s Head Office in Accra to express their heartfelt appreciation for the life-saving support.

The beneficiary, Isaac Baba Anagi, received financial assistance from GOIL and successfully underwent a kidney transplant in India.

The intervention forms part of GOIL’s commitment to its Corporate Social Responsibility (CSR) mandate, which includes offering support to individuals and communities in need.

During the meeting, the family expressed profound gratitude to the company for its generosity and compassion and wished GOIL continued success in its operations.

They further commended Management for their thoughtfulness and willingness to support vulnerable individuals in critical times.

The Chief Operating Officer of GOIL, Dr. Marcus Deo Dake, expressed appreciation for the visit and reaffirmed GOIL’s commitment to providing support in line with its CSR objectives.

Also present at the meeting were the Head of Fuels Marketing, Emmanuel Agyiri; Head of Technical and Special Products Marketing, Joshua Duodu; Head of Corporate Affairs, Robert Kyere; Head of Operations, Denis Amui; and Senior Business Development Manager, Dr. Kamil Alhassan.

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