GOIL going upstream; a venture or an adventure?

News about the leading and indigenous oil marketing company, GOIL venturing into the upstream sector of the industry, could be a feather in the cap of local content participation as well as inclusive growth. Because it will lead to a significant increase in Ghana’s participation in this God-given resource.

Although the upstream is considered one of the very profitable areas, high returns normally comes with a high risk. And success downstream is no guarantee for success upstream. Only sound commercial interest and goals could guide such a journey upstream.

Goil can be said to be one of the few businesses with significant state shareholding that has been doing consistently well over the past decade if not more.

It has posted impressive performance year-in, year-out, as a result of improved corporate governance practices, good strategies, hardworking staff, and general commitment to excel.

Its annual profit which