GOIL shares nearly double as Ghana stocks rally on improving economic outlook

Shares of Ghana Oil Company Ltd (GOIL) nearly doubled on the Ghana Stock Exchange in 2025, as improved macroeconomic conditions and renewed investor confidence lifted equity prices across the market.

GOIL’s stock rose about 95% to GH¢2.96 by the end of December from GH¢1.52 at the start of the year, outperforming its modest gains in 2024 and marking a sharp turnaround after a challenging economic cycle.

The rally came as Ghana’s equities market recorded one of its strongest performances in recent years, supported by easing inflation, greater macroeconomic stability and a shift by investors away from fixed-income securities.

Investors also responded positively to GOIL’s strategic reset under new management led by Group Chief Executive Officer and Managing Director Mr. Edward Abambire Bawa.

The company’s renewed focus on governance, operational efficiency and financial discipline helped strengthen market confidence in its long-term growth prospects.

GOIL’s share price gains underline its standing as a leading indigenous player in Ghana’s downstream petroleum sector, as it seeks to deliver sustainable growth and improved returns for shareholders.