Turn economic stability into sustainable growth — Petrosol CEO

October 30, 2026

2 minutes read

The Chief Executive Officer of Petrosol Platinum Energy PLC, Michael Bozumbil, has urged the government to consolidate Ghana’s economic recovery through consistent policies, prudent public spending and deliberate support for indigenous businesses.

Delivering the keynote address at the 50th Annual General Meeting (AGM) of the Ghana National Chamber of Commerce and Industry (GNCCI) in Accra on Tuesday, he said improving economic indicators were encouraging but should be viewed as signs of recovery rather than proof that the economy had fully recovered.

Speaking on the theme: ‘From Stability to Growth: Promoting a Resilient and Future-Ready Private Sector,’ Mr Bozumbil likened economic recovery to a patient whose condition had stabilised but who still required treatment and monitoring.

“The first few years of economic stability simply mean that the economic recovery process has started. It does not mean that the economy has fully recovered and that we can return to business as usual,” he stated.

He urged the government to maintain a predictable policy environment, prepare realistic budgets, spend within its means and build financial buffers to withstand future economic shocks.

Mr Bozumbil commended the government for adopting the International Monetary Fund’s (IMF) Policy Coordination Instrument (PCI), despite not seeking financial assistance under the arrangement. He, however, cautioned against policy decisions that could undermine the gains made ahead of the 2028 general election.

He called for stronger support for credible Ghanaian businesses through transparent public procurement, effective local-content policies and improved access to long-term financing.

According to him, indigenous entrepreneurs understood the practical challenges of operating businesses in Ghana, making their input essential to policies aimed at promoting job creation, competitiveness and sustainable tax revenue.

Mr Bozumbil identified purpose, quality, credible relationships, financial discipline and continuous improvement as key principles underpinning Petrosol’s resilience.

He urged businesses to manage cash flows carefully, invest in staff training, strengthen their balance sheets before expanding, and improve corporate governance and financial records to attract investment.

He also encouraged companies to view regulatory compliance and recognised standards as competitive advantages while exploring diversification opportunities, including solar energy and electric-vehicle charging, based on commercial viability and infrastructure readiness.

On human capital development, he underscored the importance of nurturing young talent and creating more leadership opportunities for women, citing Petrosol’s Women Network and Next Energy Talent initiatives.

He added that businesses should grow alongside their dealers, distributors, suppliers and small contractors rather than at their expense.

To strengthen the private sector, Mr Bozumbil proposed a capital-readiness programme to help small and medium-sized enterprises prepare for investment, as well as a standards and certification support desk to assist businesses in meeting recognised requirements.

He further advocated evidence-based engagement with policymakers, supported by regular data on borrowing costs, regulatory bottlenecks, tax changes, logistics expenses and delays in government payments.

Mr Bozumbil encouraged GNCCI members to participate actively in the chamber’s activities and mentor emerging entrepreneurs.

He reflected on his own journey, from being named Young Entrepreneur of the Year in 2016 at the Chamber Business Awards held in 2017 to receiving the Chamber Businessman of the Year award in 2024.

• Mr Bozumbil speaking at the programme.

Paying tribute to Petrosol’s employees, he credited their skills, dedication and commitment to excellence for the company’s progress.

“A resilient business is not one that never faces a storm. It is one that prepares before the storm comes and is ready to move when conditions improve,” he indicated.

He reaffirmed Petrosol’s commitment to quality, responsible business practices and people development as part of efforts to build a resilient indigenous private sector capable of supporting Ghana’s long-term economic growth.

BY KINGSLEY ASARE

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