The management of Ghana Oil Company, GOIL says it is not worried at the decision of the National Petroleum Authority (NPA) to withdraw its Oil Trading license. The authority has confirmed to Joy Business the withdrawal of the licenses of 24 companies in the oil business that have failed to comply with some licensing and financial obligations. This was after the NPA had published the names of these defaulting firms in some newspapers. Acting Managing Director of GOIL, Chris Ackumey told Joy Business the withdrawal will not have any effect on their operations. “The last time we used that licenses to import oil was in 2010. Ever since we have not done any activity or operated under the Oil Trading Companies (OTC’s) license. We are doing business mainly as an Oil Marketing Company (OMC),” he noted. “The NPA is the regulator and if they say they have withdrawn the license its ok. We don’t need the OTC license for now because presently because we are not importing oil but if the need arises we will go and renew it. For now we’ll just let it be because it doesn’t affect our standing as an OMC and we are operating as an OMC," he concluded.