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The Chief Executive Officer of PETROSOL Platinum Energy PLC, Michael Bozumbil, has attributed the resilience and growth of the country's downstream petroleum industry to strong governance, consistent local content policies and a culture of innovation, stressing that these remain critical to sustaining the sector's future.
Speaking at the 2026 Ghana International Petroleum Conference (GhIPCon) in Accra last Friday, Mr Bozumbil commended the National Petroleum Authority (NPA), the Ministry of Energy and successive governments for their unwavering implementation of local content policies, saying these had enabled indigenous petroleum companies to emerge as strong industry players.
He mentioned that the country's downstream sector had evolved significantly over the past three decades, with indigenous firms now taking leading roles in the industry, a development he described as evidence of effective collaboration between government and the private sector.
Mr Bozumbil urged industry players not to rely on past successes, stressing that "what brought us here will not take us there".
He called for continuous innovation, strategic thinking and the adoption of new business models to remain competitive in a rapidly changing global energy landscape.
"We want to build an industry that will face challenges but will survive.
So sitting here and reflecting and looking back, seeing where we started and how NPA, as our regulator, has helped to build indigenous players on the market, I can only say let's clap for NPA.
I am saying this because, as players, sometimes we talk about our problems, but we hardly reflect on our successes," he said.
Tracing PETROSOL's journey, Mr Bozumbil explained that the company started in 2006 as a petroleum consultancy providing advisory services to indigenous oil marketing companies to improve operational standards.
It later secured an Oil Marketing Company (OMC) licence in 2013 and commenced operations in 2014 with a vision of operating at global standards while maintaining strong ethical values, financial discipline and regulatory compliance.
He said PETROSOL reinforced its commitment to excellence by obtaining triple ISO certification covering quality management, occupational health and safety, and environmental management systems.
Mr Bozumbil said the company had continued to diversify beyond petroleum marketing into renewable energy, with investments in solar power, electric vehicle (EV) solutions and specialised lubricants designed for both conventional and hybrid vehicles, reflecting its strategy to remain relevant in the evolving energy transition.
Mr Bozumbil also highlighted PETROSOL's commitment to corporate governance, revealing that the company had successfully undergone regulatory assessments by the Ghana Stock Exchange and the Securities and Exchange Commission, which had approved its plans to raise long-term capital on the Ghana Stock Exchange.
He further underscored the importance of continuous learning, adding that PETROSOL had brought a delegation of more than 20 staff to the conference to gain new insights that would strengthen the company's operations.
Reaffirming the company's commitment to regulatory compliance and tax obligations, Mr Bozumbil praised the NPA for its leadership and pledged that PETROSOL would continue to uphold high governance standards while supporting the sustainable growth of Ghana's downstream petroleum industry.
"PETROSOL is continuously innovating its operations to drive sustainability and ensure long-term business growth in an evolving energy landscape.
Recognising the increasing role of technology in transforming the downstream petroleum industry, the company is proactively embracing innovative solutions to remain competitive and future-ready.
As part of this strategy, PETROSOL has introduced enhanced eco-friendly automotive and industrial lubricants that are designed to support hybrid vehicle performance and efficiency," he stated.
The two-day conference was organised by the NPA in partnership with the Ghana Chamber of Bulk Oil Distributors (CBOD) and the Chamber of Oil Marketing Companies (COMAC), under the auspices of the Ministry of Energy and Green Transition.
It was meant to provide a timely platform for policymakers, regulators, investors, development partners and industry leaders to engage in meaningful dialogue on the future of the downstream sector amid growing global energy uncertainties.
Held on the theme: "Building a Resilient Downstream: Policy, Innovation and Investment for Growth", the conference attracted participants from more than 25 countries, reinforcing its status as one of Africa's leading forums for discussions on petroleum policy, regulation, technology and investment.
Notable among the attendees were the Minister of Energy and Green Transition, Dr John Abdulai Jinapor, who represented President John Dramani Mahama; CEO of the NPA, Godwin Kudzo Tameklo, and his deputy, Dr Sheila Addo; CEO of CBOD, Dr Patrick Ofori; CEO of COMAC, Dr Riverson Oppong; CEO of African Refiners and Distributors Association, Anibor O. Kragha; CEO of CITAC Africa Limited, Gary Steel; former CEO of Ghana Minerals Commission, Tony Aubynn, and former CEO of NPA, Mustapha Hamid
