GOIL shares begins upward moves on stock market

Accra, May 28, – The shares of Ghana Oil Company Limited (GOIL) the nation’s foremost indigenous Oil Marketing Company (OMC), has started exhibiting signs of major upward movement on the Ghana Stock Exchange (GSE) as investors across board continue to take keen interest in GOIL shares.

GSE Stock watchers has predicted that GOIL shares would begin to hit the upper trajectory in June, stressing that market reactions by the 20 largest shareholders which stood at 347,027,776 shares representing 88.56 per cent of the total shares as at the end of December 2017, seeks to be the main underlining factors for the upward movement.

The GSE Stock Market watchers told the Ghana News Agency in an interview on Monday that investors on the stock market were also keenly monitoring the minority shareholders whose shares stood at 44,835,352 shares representing 11.44 per cent.

According to GSE Stock Market watchers, the minority shareholders have also gradually started increasing their portfolio after the GOIL Annual General Meeting recently, where it was affirmed that GOIL remained the biggest company Oil Marketing Company (OMC) in the country in terms of market share, which was attracting investors’ interest.

According to Stock Market Experts, GOIL market share of OMC field operations moved to 20 per cent in 2017, up from 18.2 per cent in 2016, and from all indications, the company was on course to achieve the target of 30 per cent market share by the end of year 2020.

Meanwhile Mr Patrick Akpe Kwame Akorli, Group Chief Executive Officer of GOIL in an interview with the Ghana News Agency said the positive development on the stock market was necessitated by the company’s pragmatic business plans to dominant the downstream oil industry to ensure that Ghanaian oil marketing companies control the industry.

He said GOIL had gone through series of changes all aimed at transforming it into an efficient and profitable entity in the Oil Marketing industry with the customer at the core of its business.

“Our rebranding came with a novelty and a persistent improvement targeting customer’s satisfaction. Our efforts have been channelled into products that meets our customers’ needs,” Mr Akorli, who is also known as Togbe Adza-Nye IV, Dutorfia of Ziavi in the Volta Region stated.

Mr Akorli who is the Managing Director of GOIL, said GOIL would continue to expand and buy distressed OMCs; “We are focused on the vision to be a world-class provider of goods and services in the petroleum and other areas of the energy industry as our geographical spread places us first in terms of the distribution of petroleum products whilst our networks enables GOIL products to reach virtually all parts of the country.

“GOIL with the current 330 retail outlets remains one of the forerunners in the state-owned enterprises sector and the petroleum industry in general”.

Mr Akorli said as part of the broader measures to ensure dominance in the downstream oil industry, GOIL was strictly enforcing a national policy of maintenance of high standards at the forecourt of its filling stations across the country.

He said other measures included marketing of quality petroleum and other energy products and services in all its branches in an ethical, healthy, safe, and environmentally friendly and socially responsible manner.

Mr Akorli maintained that professionally trained, high quality and motivated workforce working as a team in an environment, which recognised and rewards performance, innovation/creativity, and provided for personal growth and development formed the key for transforming the company.

GNA