Kwamena Bartels, the new Board Chairman of GOIL addressing shareholders at the AGM
Peter Kwamena Essilfie Bartels, a former Member of Parliament (MP) for Ablekuma North, has been appointed as the new Board Chairman of Ghana Oil Company Limited (GOIL) by government.
Mr Bartels, who served as Minister of the Interior, Information and National Orientation and Private Sector Development and the President’s Special Initiative under the previous Kufuor administration, takes over from Prof William. A. Asomaning.
The announcement was officially made at GOIL’s 48th Annual General Meeting (AGM) in Accra on Thursday.
Other members of the board are Kwame Osei-Prempeh, Beauclerc Ato Williams, Beatrix Agyeman Prempeh, Robert Amankwah, Rhoderline Baafour- Gyimah.
Mr Bartels promised to work hard with his members to enhance the development of the company and also urged the shareholders to support the new board.
GOIL Records 58% Profit
GOIL recorded an impressive performance in 2016 despite increasing competition and a fall in general consumption of fuel.
The largest indigenous oil marketing company posted a 58.7 percent increase in profit after tax and recorded a 26.95 percent increase in turnover compared to that of 2015.
The company also increased its market share from 13.6 percent in 2009 to 18.2 percent in 2016 to become the market leader.
During the same period, GOIL achieved 95.8 percent of its fuel sales targets despite stiff competition from other companies.
It also increased the sale of Liquefied Petroleum Gas by 30 percent in 2015 while lubricant sales also grew by 11 percent.
Meanwhile, it has earmarked $20 million to construct a bitumen plant at Tema.
Outgoing board chairman, Professor William Asomaning, who announced this Thursday at the company’s annual general meeting in Accra, said the company’s asset base has grown by over 500 percent since his board took over in 2009.
 A business desk report