Petrosol has never defaulted on bank support in 12 years, says CEO

Petrosol CEO Michael Bozumbil attributes the company's growth in Ghana's competitive petroleum sector to integrity, financial discipline, and strong governance. He emphasizes that Petrosol's values-based approach has helped it earn the trust of suppliers, banks, and regulators. Mr. Bozumbil explains that the company's commitment to these values has attracted capital and built confidence among its business partners.

He notes that Petrosol started with limited capital but was able to establish credibility with suppliers, who trusted that they could supply products without collateral or guarantees. Petrosol's confidence became a key factor in its growth. However, Mr. Bozumbil stresses that earning support from suppliers and financial institutions is only part of the company's strategy.

He highlights that the company has also applied discipline to ensure that credit extended to it is repaid and that its finances remain properly managed. Over the past 12 years, Petrosol has maintained a strong credit record and has not defaulted on any bank support, according to the CEO. The Ghana Revenue Authority has also recognized the company's compliance, exempting it from providing an insurance bond typically required in the petroleum industry.