Energy
Ghanaian energy executive urges policy consistency for growth
Michael Bozumbil has advised the Ghanaian government to consolidate recent macroeconomic gains through predictable regulations and deliberate backing for local enterprises.
Key points
- PETROSOL chief executive spoke at the 50th annual general meeting of the GNCCI in Accra.
- Economic stability must be treated as the beginning of recovery rather than full economic health.
- Firms were encouraged to explore diversification into solar energy and electric-vehicle infrastructure.
MyJoyOnline reported that Michael Bozumbil, the chief executive of PETROSOL Platinum Energy PLC, delivered the keynote address at the 50th Annual General Meeting of the Ghana National Chamber of Commerce and Industry. The gathering took place at the Ghana Shippers’ House in Ridge, Accra, focusing on the theme of moving from economic stability to building a resilient and future-ready private sector.
The executive cautioned against viewing improving macroeconomic metrics as a signal that the national economy has fully rebounded. Comparing the situation to a recovering patient, he emphasized that continuous monitoring, prudent fiscal management, and fiscal discipline remain necessary. He praised the administration for engaging with the International Monetary Fund through a Policy Coordination Instrument while warning against decisions that could reverse hard-won gains ahead of upcoming electoral cycles.
Furthermore, the speaker advocated for enhanced backing for indigenous enterprises through transparent procurement practices, robust local-content rules, and improved access to long-term credit. He noted that domestic companies are vital for delivering sustainable employment opportunities, enhancing national competitiveness, and securing dependable tax revenues. To support this, he proposed establishing a capital-readiness programme and a standards support desk to assist small and medium-sized enterprises.
Businesses were advised to strengthen their balance sheets before scaling operations, improve corporate governance, and treat compliance as a competitive advantage. Companies were also encouraged to invest in human capital, noting initiatives such as the PETROSOL Women Network and Next Energy Talent development programmes. Additionally, firms were encouraged to evaluate commercial opportunities in clean energy sectors, specifically solar power and electric-vehicle charging infrastructure, provided that market readiness supports such ventures.
Why it matters
World Bank figures indicate that Ghana achieved an electricity access rate of 91.9 per cent by 2024, matching the global average, with a renewable energy share of 34.9 per cent recorded in 2021. However, per capita electricity consumption remains low at 597.9 kilowatt-hours, compared to the global average of 3,708.5 kilowatt-hours. For energy investors and policymakers across the continent, private sector resilience and targeted infrastructure investments are critical to bridging these energy gaps and fostering broader industrialisation. Sustaining predictable economic policies will determine whether local enterprises can effectively lead the energy transition and drive sustainable development.
Original reporting
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