Ghanaian energy company says policy stability, access to finance and stronger local businesses are key to sustaining economic recovery and creating jobs.
Ghanaian businesses need predictable policies, access to long-term finance and stronger support to turn economic stability into investment, jobs and sustainable growth, PETROSOL Platinum Energy PLC Chief Executive Officer Michael Bozumbil has said.
Speaking at the 50th Annual General Meeting of the Ghana National Chamber of Commerce and Industry (GNCCI) in Accra on October 28, Mr Bozumbil said indigenous businesses were critical to translating economic recovery into tangible benefits for households and communities.
His comments come as PETROSOL, a Ghanaian energy company operating more than 100 fuel stations and employing approximately 490 people, highlights the contribution local enterprises can make to economic growth.
He said Ghana’s improving economic conditions presented an opportunity to strengthen the private sector, but warned that stability alone would not guarantee lasting growth.
“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 said.
Local businesses key to job creation
Mr Bozumbil called for transparent public procurement, effective local-content policies and better access to long-term financing to help Ghanaian businesses expand and compete.
He also urged government to engage indigenous entrepreneurs more closely in policymaking, arguing that their experience could help identify barriers to investment and business growth.
He said predictable policies and fiscal discipline were necessary to give businesses the confidence to plan investments, expand operations and create jobs.
Government, he added, should prepare realistic budgets, control spending and build financial buffers to protect the economy against future shocks.
PETROSOL’s lessons for business growth
Drawing on PETROSOL’s experience, Mr Bozumbil identified financial discipline, quality service, credible business relationships and continuous improvement as essential to building resilient businesses.
The company began as a petroleum business management and consulting firm before becoming an oil marketing company in 2014. It now operates more than 100 fuel stations across Ghana and employs about 490 people.
Mr Bozumbil said businesses should strengthen their balance sheets before expanding, maintain reliable financial records and improve corporate governance to attract investment.
He also stressed the need to invest in employee training, manage cash flow carefully and maintain strong relationships with customers, suppliers and business partners.
He identified solar energy and electric-vehicle charging as potential areas for diversification, while urging businesses to assess commercial viability and infrastructure readiness before investing.
Chamber urged to help SMEs attract investment
Mr Bozumbil proposed three initiatives for the GNCCI to help businesses overcome barriers to growth.
These include a capital-readiness programme to prepare small and medium-sized enterprises (SMEs) to attract investment, a standards and certification support desk to help businesses meet recognised requirements, and evidence-based advocacy on borrowing costs, taxes, regulatory bottlenecks, logistics expenses and delays in government payments.
He said the initiatives could help businesses improve their access to finance, meet market requirements and make better-informed investment decisions.
He also encouraged established businesses to mentor emerging entrepreneurs and support the development of the next generation of Ghanaian business leaders.
Mr Bozumbil said economic stability should be used as a foundation for expanding productive businesses, creating employment and strengthening the contribution of indigenous enterprises to national development.
“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 said.
