Bloomberg News

Ghana Oil Rises to Record High as Akorli Named MD: Accra Mover

June 04, 2012

Ghana Oil Company Ltd. (GOIL), the West African nation’s second-biggest operator of gasoline stations, rose to the highest on record as the board of the company appointed Patrick Akpe Kwame Akorli as managing director.

The stock gained 4.3 percent to 49 pesewas as of 2 p.m. in Accra, the capital, the highest since it began trading in November 2007. Akorli, formerly finance manager at the company also known as Goil, was named to the MD position effective immediately, the company said in a statement e-mailed by the Ghana Stock Exchange on June 1.

“Investors have been looking for a stable management for a while now,” Nana Kofi Agyeman Gyamfi, a stock trader at Merban Stockbrokers Ltd. in Accra, said by phone today. “They are happy with the fact that somebody from the firm, who has knowledge about the business and the industry, was appointed to the helm of affairs.”

Akorli has worked for 10 years at Goil and has 15 years of experience in the industry, Gyamfi said.

Goil has been without a permanent managing director since the retirement of Yaw Agyemang-Duah in July 2011.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.


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