Accra: State-owned oil marketer GOIL PLC was drowning in debt to its sole supplier, BP, the Chief Executive Officer Edward Bawa has disclosed. Speaking on Channel One TV's The Point of View on Monday, March 16, 2026, Bawa revealed that GOIL's debt to one of its major petroleum suppliers stood at about $110 million when he assumed office in 2025. Bawa noted that GOIL repeatedly failed to settle invoices on time, forcing the company to buy petroleum products at high premiums. This left GOIL uncompetitive at the pumps and weakened its market position.
According to Ghana Web, at the time Edward Bawa took over, there was a ring-fenced debt owed to BP, amounting to about $110 million. GOIL was unable to pay invoices when they matured, exacerbating the financial strain. However, after years of financial difficulties, GOIL PLC has successfully reduced its debt to BP, cutting down the arrears from $110 million to $30 million. Bawa explained that the company capitalized on the cedi's stability against the dollar to engage with bankers and restructure payments.
'Because the exchange rate was a bit better for us as a country, we took advantage of it and engaged our bankers. We have been able to reduce the debt to about $30 million,' he said. Meanwhile, fuel prices have seen slight increases at various pumps, including GOIL. Petrol is now selling at GHS12.40 per litre and diesel at GHS15.69 per litre.