Ghana: PETROSOL Secures Approval To Raise Capital on Ghana Stock Exchange

PETROSOL Platinum Energy PLC, one of the leading oil marketing companies has received approval from the Ghana Stock Exchange and the Securities and Exchange Commission to raise long-term capital through the Ghana Stock Exchange, Managing Director Michael Bozumbil said.

The approval marks a milestone for the company, which has evolved over two decades from a petroleum consulting firm into an indigenous oil marketing company in Ghana.

“After a thorough assessment of PETROSOL’s business, including our governance systems, our compliance level, our credibility and growth plans, the Ghana Stock Exchange and the Securities and Exchange Commission have approved our request to raise patient capital on the stock exchange for our growth,” Bozumbil said at the Ghana International Petroleum Conference in Accra.

He said the proceeds would fund the company’s long-term expansion strategy, including investments in renewable energy, solar power and electric vehicle charging infrastructure.

“We have a clear plan to grow sustainably. We will continue to look for opportunities and the right partnerships to invest in the energy sector through innovation while taking advantage of government policies to expand our operations and deliver clean, long-lasting fuel and renewable energy solutions to our customers,” he said.

Founded in 2006 as a petroleum business management and consulting firm, PETROSOL entered the oil marketing business in 2014, benefiting from government policies aimed at increasing indigenous participation in Ghana’s downstream petroleum sector.

The company now operates more than 100 fuel stations across Ghana and employs about 490 people.

Bozumbil attributed PETROSOL’s growth to corporate governance, prudent financial management and regulatory compliance despite challenging economic conditions.

He said the company has obtained three International Organization for Standardization (ISO) certifications covering quality management, occupational health and safety, and environmental management.

It has also received recognition from the Ghana Revenue Authority for tax compliance and remains in good standing with the National Petroleum Authority, the Environmental Protection Agency and the Ghana Standards Authority.

Beyond its petroleum business, PETROSOL is investing in renewable energy and plans to install electric vehicle charging stations at selected service stations as part of Ghana’s energy transition.

Bozumbil said policy consistency remains critical to enabling indigenous companies to compete with multinational firms in Ghana’s downstream petroleum sector.

“As an indigenous company that has benefited from the consistent implementation of government policies promoting the growth of indigenous private companies, we believe collaboration and policy consistency are critical to building a resilient downstream petroleum industry,” he said.

He said PETROSOL’s sponsorship of the 2026 Ghana International Petroleum Conference reflected its commitment to supporting industry dialogue and encouraging innovation, investment and sustainable growth.

Looking ahead, Bozumbil said the company would continue expanding its retail fuel network, growing its renewable energy business and creating jobs.

“We will continue to invest for growth. PETROSOL will remain a value-for-money brand, a good corporate citizen and an employer of choice. We will continue to energise dreams, ignite hope and power individuals and businesses to achieve their aspirations in an environmentally sustainable and ethical manner,” he said.

The planned capital raise is expected to strengthen PETROSOL’s financial position and broaden investment opportunities in Ghana’s capital market, the company said.