Petrosol CEO Michael Bozumbil explains how trust fuelled company’s growth

Petrosol CEO Michael Bozumbil attributes the company's rapid growth in Ghana's petroleum industry to three core values: trust, integrity, and financial discipline. From the outset, Petrosol built its operations around these strong values, making trust a crucial factor in attracting suppliers, banks, and other partners. The company's reputation for excellence allowed it to access petroleum products on credit, even in its early stages with minimal capital.

Suppliers trusted Petrosol to supply products without requiring any collateral or guarantees, as the company's name served as a guarantee. While trust was essential, Bozumbil emphasized that it was complemented by strict financial discipline, governance, and risk management systems. The company put in place measures to ensure consistent repayment of credit, and this discipline helped maintain its creditworthiness over the past 12 years.

Over this period, Petrosol has established a strong reputation for reliability, earning recognition from banks and the Ghana Revenue Authority for its compliance. As a result of its sterling reputation, Petrosol has even been exempted from providing an insurance bond typically required before lifting petroleum products in the industry.