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 stronger support for indigenous businesses.

Delivering the keynote address at the 50th Annual General Meeting of the Ghana National Chamber of Commerce and Industry (GNCCI) in Accra on Wednesday, October 28, 2026, Bozumbil said improving economic indicators were encouraging but did not mean the economy had fully recovered.

The event, held at the Ghana Shippers’ House in Ridge, was under the theme, “From Stability to Growth: Promoting a Resilient and Future-Ready Private Sector.”

Bozumbil compared economic recovery to a patient whose condition had stabilised but who still required treatment and monitoring. He said the economy’s underlying strength depended on businesses creating jobs, generating income and contributing 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

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

Bozumbil commended the government for signing up to the International Monetary Fund’s Policy Coordination Instrument (PCI) without seeking financing from the Fund. He cautioned against decisions that could reverse economic gains ahead of the 2028 elections.

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

Policymakers, he said, should engage more closely with indigenous entrepreneurs who understand the practical challenges of operating in Ghana. Stronger local companies would help sustain employment, improve national competitiveness and provide dependable tax revenue.

Practical Lessons For Future-Ready Businesses

Drawing on PETROSOL’s experience, Bozumbil identified a clear business purpose, quality, credible relationships, financial discipline and continuous improvement as essential to resilience.

He urged businesses to honour their commitments to employees, customers, suppliers and partners, manage cash flow carefully, invest in staff training and adapt to changing market conditions.

Companies should strengthen their balance sheets before expanding and improve governance and financial records to attract investment, he said. He also encouraged businesses to treat regulatory compliance and recognised standards as competitive advantages.

On the energy transition, Bozumbil urged companies to assess diversification opportunities in solar energy and electric vehicle charging, taking account of commercial viability and infrastructure readiness.

He highlighted the importance of developing young talent and expanding opportunities for women in leadership, citing PETROSOL’s Women Network and Next Energy Talent initiatives.

He also encouraged companies to support the growth of their dealers, distributors, suppliers and small contractors.

Three Proposals For The GNCCI

Bozumbil proposed three initiatives for the GNCCI: a capital-readiness programme to prepare small and medium-sized enterprises for investment; a standards and certification support desk; and evidence-based advocacy supported by regular data on business conditions.

Such data, he said, should cover borrowing costs, regulatory bottlenecks, tax changes, logistics costs and delays in government payments.

He urged members to participate actively in the Chamber’s work and mentor emerging entrepreneurs.

Reflecting on his relationship with the Chamber, Bozumbil recalled being named Young Entrepreneur of the Year for 2016 at the Chamber Business Awards held in 2017, before receiving the Chamber Businessman of the Year award in 2024.

Turning Stability Into Opportunity

He said economic stability offered an opportunity that required preparedness, responsible leadership and collective effort.

He also paid tribute to PETROSOL’s employees, crediting their diligence and commitment to quality 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 said.