The Minister for Energy and Green Transition, Hon. John Abdulai Jinapor, has reiterated government’s commitment to supporting Ghanaian oil companies, including Star Oil and GOIL, to protect fuel security and sustain local jobs.
Speaking at the Government Accountability Series in Accra, the Minister stressed the need to nurture indigenous companies in the petroleum sector.
“Star Oil, to the best of my knowledge, is a Ghanaian company, and just like GOIL, we must encourage its growth,” Hon. Jinapor stated.
“We are undertaking reforms, including adjustments to government commitments and procurement policies, to support GOIL and other Ghanaian companies because they employ Ghanaians and play a vital role in the economy.”
GOIL, though a listed company, is majority-owned by the state, with government and its agencies holding about 70 percent of shares.
Due to Goil being a PLC, government can only influence it through its nominated directors and shareholders like the Bulk Oil Storage and Transportation Company (BOST). It can’t directly interfere in Goil’s day to day operations.
Hon. Jinapor expressed concern about GOIL’s financial position, warning of the potential risks to the economy if the company falters.
“Their liabilities are quite huge, and that threatens the nation because fuel security is very important. If GOIL goes down, you can imagine the impact on the economy,” he cautioned.
