Efforts to stabilise operations at GOIL PLC have been influenced by significant inherited debt and supply challenges, according to its Chief Executive Officer, Edward Bawa.
He disclosed that upon assuming office in 2025, the company was saddled with about $110 million owed to BP, which was at the time GOIL’s sole supplier of petroleum products.
Speaking on The Point of View with Bernard Avle, Mr Bawa explained that the debt had accumulated under a “ring-fenced” arrangement after the company repeatedly failed to meet invoice payment deadlines.
The situation, he noted, had a direct impact on GOIL’s competitiveness, as high supply premiums made fuel prices at its pumps less attractive, especially during periods of rising global prices.
However, he indicated that the company has since made significant progress in reducing its liabilities, cutting the debt down to about $30 million. This, he said, was achieved through strategic engagement with financial institutions and by taking advantage of relatively favourable exchange rate conditions.
Mr Bawa added that beyond the debt, GOIL had also been dealing with broader operational pressures, including strained supplier relationships, outstanding obligations to banks, and intermittent product shortages at some outlets—challenges largely linked to Ghana’s recent economic difficulties.
The revelations provide insight into the financial and operational hurdles the company has been working to overcome as it seeks to regain stability and improve its market position.
