Ghana: PETROSOL Paid Over GH¢2 Billion In Taxes, Regulatory Margins Since 2014, CEO Says

PETROSOL Platinum Energy PLC, a Ghanaian ISO-certified oil marketing company, has cumulatively paid more than GH¢2 billion in taxes and regulatory margins since it began full operations in 2014, Chief Executive Officer Michael Bozumbil has said.

Bozumbil said the company had also consistently repaid its bank loans as they fell due and settled payments owed to suppliers and service providers on time.

“We have consistently paid our dealers’ margins and transporters’ claims,” he said during an official ceremony at the Ghana Stock Exchange to mark PETROSOL’s admission to the Ghana Fixed Income Market to raise GH¢200 million to fund the next phase of its operations.

“We have consistently paid our staff remuneration on time and settled all their pension fund contributions fully, including their Tier 3 (Provident Fund) contributions,” he added.

Bozumbil said PETROSOL had also consistently delivered high-quality petroleum products to customers across Ghana, earning the company a National Quality Award.

He said the company had consistently met regulatory requirements, particularly in quality, safety and environmental management, which had enabled it to secure three International Organization for Standardization (ISO) certifications covering quality management, environmental management, and occupational health and safety management systems.

PETROSOL’s journey began in 2006 as a petroleum business management and consulting firm.

In 2013, the company decided to transition into an oil marketing company, with the vision of building a brand that would serve as a model of excellence in the industry.

Bozumbil said the company obtained its licence from the National Petroleum Authority (NPA) in 2013 and began operations in February 2014.

“The journey has not been easy. We have faced challenges, uncertainties and difficult moments, but through perseverance, faith in God, the commitment of our people and partners, and the loyalty of our customers, we have been able to build a credible Ghanaian brand that is highly respected for its commitment to quality, customer service, ethical business, financial discipline, good corporate governance and international best practices,” he said.

PETROSOL has expanded from an initial four retail stations to 109 stations over the past 13 years, Bozumbil said.

The company has also invested in staff development, particularly through the PETROSOL Women Network initiative, as well as community development through its corporate social responsibility programmes.

Bozumbil said the company had achieved the growth despite operating through some of the most challenging periods in Ghana’s economic history.

He cited the 2014-2015 energy crisis, the introduction of petroleum price deregulation in 2015, the banking sector crisis in 2018, the COVID-19 pandemic in 2020, the Russia-Ukraine war in 2022 and Ghana’s economic crisis in 2022-2023 as some of the major challenges the company had faced.

He also cited the 2026 conflict between the United States and Iran as a recent global challenge affecting the business environment.

“This is to emphasise the fact that PETROSOL is a resilient business,” Bozumbil said.

Despite the progress, he said the company recognised that it still had significant room for growth and would need to secure additional capital to finance its next phase of expansion.

“What brought us here will certainly not take us there. Therefore, to fund our next phase of growth, which requires substantial capital, it is imperative that we leverage the credibility of the brand to secure patient capital to grow exponentially and sustainably,” he said.

“The home of patient capital obviously is the Ghana Stock Exchange,” Bozumbil added.

The company is seeking to raise GH¢200 million through its admission to the Ghana Fixed Income Market to support its next phase of growth.