GOIL Board Rejects New CEO

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…And Insists On Due Process

Indigenous Oil Marketing Company, GOIL, has dismissed reports indicating that President Akufo-Addo has appointed a former Deputy Attorney General, Osei Kwame Prempeh, as its new CEO.

According to a press statement signed by GOIL’s Board Chairman, Prof. William Asumaning, the company is listed on the Ghana Stock Exchange (GSE), hence has procedures in appointing its head, which must comply with regulations set by the GSE.

Reports last week, had claimed that the former Deputy Attorney General, has been appointed to head GOIL by President Akufo-Addo.

It also said that the President has also appointed Dr. Nsiah Asare as Chief Executive of the Komfo Anokye Teaching Hospital in Kumasi, whiles the Ashanti regional youth organizer of the NPP, Stephen Amoah, is heading for MASLOC as CEO.

But the report has sparked controversy with Prof. William Asumaning, Board Chairman of GOIL, insisting on respect for the procedure relating to the appointment of the CEO.

He stated that “the Regulations state the process through which a CEO can be appointed or removed”, adding “The Board would like to state emphatically that it is not aware of the observance of such processes as stated in the regulations leading to the appointment of any CEO and that we as a Board have not made any such appointment.”

It, therefore, assured shareholders that, the report, which is widely circulated on the internet, should be disregarded since the board has not taken such a decision.

Below is the Press Statement

PRESS RELEASE FOR IMMEDIATE RELEASE STATEMENT BY GOIL BOARD ON APPOINTMENT OF A NEW CEO Information available to the GOIL Board per a publication on Ghanaweb on Friday, the 24th of February, 2017 captioned “Nana Addo Picks New Heads for Forestry Commission, Ghana Health Service and GOIL” indicates that the new CEO appointed for GOIL is one Mr. Osei Prempeh.

The Board would like to draw the attention of the SHAREHOLDERS and the public to the fact that GOIL is a public listed company on the Ghana Stock Exchange with its own Regulations.

The Regulations state the process through which a CEO can be appointed or removed.

The Board would like to state emphatically that it is not aware of the observance of such processes as stated in the regulations leading to the appointment of any CEO and that we as a Board have not made any such appointment. SIGNED. Prof. William Asumaning (Board Chairman) 24th February, 2017.

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