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[2008-07-29] GOIL Secures Contract For Dealers The management of Ghana Oil Company Limited (GOIL) has initiated a move to provide financial support to its dealers to enable them pre-finance their orders.
To this effect, the management has arranged with Chris Line Financial Services, to provide credit for its Liquefied Petroleum Gas (LPG) and lubricants dealers.
The move will enhance the company’s cash flow since management will no longer pre-finance orders for its dealers.
The company last week held a meeting with its lubricants and LPG dealers to officially announce the new deal and also educate them on how to access the facility.
In his address, Yaw Agyemang-Duah, Managing Director of the oil marketing company said “most often due to lack of funds, dealers find themselves in a very tight corner by ordering limited stock which does not last and this is what we want to do away with.”
He noted that management had realized that most of the dealers were having financing difficulties in their operations hence the decision to design a financial package for them.
Mr. Agyemang-Duah said a similar financial arrangement had been introduced to the company’s fuel dealers which proved very successful adding that “we think the time has come to introduce this cover for all customers.”
Commenting on the performance of the company’s shares on the Ghana Stock Exchange the Managing Director said “the share price has doubled since it listed on the stock exchange last year.
“We believe that our shareholders will have enough returns on their investment because the company is poised to enhance its performance.”
