PETROSOL’s CEO urges Ghana to turn economic stability into sustainable growth

The Chief Executive Officer of PETROSOL Platinum Energy PLC, Michael Bozumbil, has called on the Government of Ghana to protect the country’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), held on Wednesday, 28 October 2026, at the Ghana Shippers’ House in Ridge, Accra, Mr Bozumbil said improving economic indicators were encouraging, but should be seen as signs of recovery, not proof that the economy had fully recovered.

Speaking on the theme, “From Stability to Growth: Promoting a Resilient and Future-Ready Private Sector,” he compared economic recovery to a patient whose condition has stabilized but who still needs treatment and monitoring. He explained that the real strength of the economy is reflected in businesses that create jobs, generate income and contribute to national development.

“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.” A call for policy discipline and stronger local businesses Mr Bozumbil urged government to maintain a predictable policy environment, prepare realistic budgets, spend within its means and build financial buffers to withstand future shocks.

He commended the government for signing up to the International Monetary Fund’s Policy Coordination Instrument (PCI), despite not seeking funding from the Fund, and cautioned against decisions that could reverse the gains made ahead of the 2028 elections. He called for stronger support for credible Ghanaian businesses through transparent procurement, effective local-content policies and access to long-term finance.

He also encouraged policymakers to listen more closely to indigenous entrepreneurs, who understand the day-to-day realities of operating businesses in Ghana. In his view, stronger local companies are essential to sustainable jobs, national competitiveness and dependable tax revenue. Practical lessons for future-ready businesses Mr Bozumbil identified purpose, quality, credible relationships, financial discipline and continuous improvement as key principles that have helped PETROSOL build resilience.

He stressed that businesses must honour their commitments to employees, customers, suppliers and partners, manage cash flow carefully, invest in staff training and adapt to changing market conditions. He encouraged businesses to strengthen their balance sheets before expanding, improve governance and financial records to attract investment, and treat compliance and recognized standards as competitive advantages.

He also urged companies to consider diversification in response to changing markets, including opportunities in solar energy and electric-vehicle charging, where commercial viability and infrastructure readiness must be carefully assessed. Investing in people was another key priority. He highlighted the importance of developing young talent and creating more opportunities for women in leadership, citing PETROSOL’s Women Network and Next Energy Talent initiatives.

He also emphasized that businesses should grow with their dealers, distributors, suppliers and small contractors, rather than at their expense. Three proposals for the GNCCI As the Chamber marked its 50th AGM, Mr Bozumbil proposed a capital-readiness programme to help small and medium-sized enterprises prepare for investment; a standards and certification support desk to help businesses meet recognized requirements; and evidence-based advocacy informed by regular data on borrowing costs, regulatory bottlenecks, tax changes, logistics costs and delays in government payments.

He encouraged GNCCI members to participate actively in the Chamber’s work and mentor emerging entrepreneurs, reflecting on the Chamber’s role in recognising 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. Turning stability into opportunity Mr Bozumbil concluded that economic stability presents an opportunity that must be protected through preparedness, responsible leadership and collective effort.

He paid tribute to PETROSOL’s young, skilled and dedicated employees, crediting their diligence and pursuit of 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 stated emphatically. His address reaffirmed PETROSOL Platinum Energy PLC’s commitment to quality, responsible business practices, people development and the growth of a resilient indigenous private sector capable of contributing to Ghana’s long-term development and sustainable growth.