GOIL vows to retrieve Govt debt owed them

The Board Chairman of GOIL, Kwamena Bartels has outlined pragmatic measures to retrieve all debt owed to the company by government.

GOIL, which an indigenous oil marketing company is owed by government agencies and security services including the Ghana Police, running into millions of cedis.

Speaking to Citi Business News on plans to retrieve the funds Mr. Bartels assured that the board of directors will draw a plan with the Finance Minister to clear the debt .

“We will use as much of our influence within the government, particularly the Ministry of Finance for us to get our debt cleared. Without clearing the debt, our working capital is going to be limited and it make it difficult for expand the way we have planned,” he noted.

He disclosed that the board want to expand GOIL beyond the 18.3 percent market share to over 30 percent hence the need to clear the debt.

“We are determined to increase our market share from the 18.2 percent to something in the neighborhood of about 30 percent or more. We want to control the market especially to make sure that we control the prices of various products produced by the company,” he assured.

Mr. Bartels, who served as Minister for the Interior under former President John Kufuor’s government was hopeful that GOIL can use its market leader position to drive down the prices of petroleum products in the country.

“We believe that when we grow the market share to the over 30 percent, we can influence the prices and the consumer will benefit,” he stressed.

citibusinessnews.com

Read Full Story