In the first quarter of 2025, GOIL PLC, Ghana’s leading indigenous oil marketing company, reported a 12% year-on-year profit increase, with revenue hitting GH¢5.6 billion—boosting investor confidence despite persistent sector challenges.
The announcement was made by Managing Director Edward Abambire Bawa during a stakeholder forum in Takoradi, where he addressed both financial performance and systemic hurdles.
Standalone pre-tax profits more than doubled from GH¢16 million in Q1 2024 to GH¢33 million in 2025, and the company’s share price rose from GH¢1.60 to GH¢2.10 by mid-July.
GOIL’s asset base modestly grew to GH¢5 billion, reinforcing its resilience despite high operating costs linked to limited access to direct fuel import permits (laycans).
Mr. Bawa criticized the current permit allocation system, stating it forces GOIL to buy fuel from competitors, inflating retail prices and threatening service in underserved areas.
He welcomed President Mahama’s call for a review of laycan allocations, calling it vital for restoring fairness and supporting GOIL’s national service commitments.
To enhance customer experience, GOIL is refurbishing 270 fuel stations nationwide by December 2025, with 30 upgrades already initiated in the Western Region.
Mr. Bawa emphasized that GOIL serves remote areas many private firms avoid, highlighting the company’s balance between profit and national duty.
He also announced a new digital platform for dealers to access account data in real time, part of GOIL’s broader digital transformation strategy.
Concluding, Mr. Bawa reaffirmed GOIL’s identity as a trusted, homegrown brand, stating: “GOIL is not collapsing—we’re modernizing, rebuilding, and here to serve.”