Michael Bozumbil, Chief Executive Officer of PETROSOL Platinum Energy Limited, has urged local businesses not to rely solely on foreign investments for their operations.

He said there was need for the growth of homegrown businesses that could secure the economy and contribute to long-term development.

The CEO was speaking at the 48th Annual General Meeting of the Ghana National Chamber of Commerce and Industry (GNCCI) in Accra on the theme: “Adopting Sustainable Business Practices to Promote Long-Term Economic Growth and Development.”

The AGM featured key events, notably the reading and the acceptance of the Chamber’s financial report with the inauguration of the newly elected Executives of the Chamber.

Mr. Bozumbil shared 10 sustainable practices that PETROSOL had implemented over its 18-year journey, which had helped the company survive economic storms and thrive in a competitive environment.

These practices include prioritising regulatory compliance, maintaining financial discipline, and fostering strong internal systems.

He also emphasised the importance of transparency, investing in employees, and building strategic partnerships.

The CEO noted that the key to sustainable business practices must include tax and regulatory compliances.

He said complying with regulatory compliance would enable businesses to adhere to standards needed in the industry, which could further boost their global competitiveness.

Mr. Bozumbil said tax compliance would enable businesses to avoid penalties associated with non-tax compliance, thus businesses would be in a better financial position to enhance their businesses.

He urged businesses to implement robust internal systems and structures and elevate themselves to be accountable to their shareholders and the public.

“Businesses must implement policies and procedures for operations such as marketing, accounting, projects, operations, and human resources management and they must subject their processes and procedures to international audit and certification,” he added.

He said they could triple ISO certification for quality management systems, occupational health and safety management systems, and environmental management systems.

The CEO urged businesses to be transparent and honest by keeping proper books and reporting accurately, while adhering to International Financial Reporting Standards by preparing monthly sales reports and quarterly financial reports to assess their financial performance and take remedial steps to address them.

Dr Clement Osei-Amoako, the outgoing President of GNCCI, said, “During our four-year term, the Chamber acquired a state-of-the-art facility for the National Secretariat, ending many years of costly rent and saving significant revenue for the chamber and we have also begun similar initiatives of acquiring Chamber-owned offices in our regional branches.”

He said over the same period, they were also able to increase membership by 35 per cent and had ensured that over 3,000 local businesses were well-positioned to trade under AfCFTA through nationwide comprehensive sensitisation and capacity-building.

The outgoing President said his administration had significantly enhanced GNCCI’s relevance and effectiveness in advocating for the private sector.

The newly elected executives included Mrs. Stephanie Miezan, President, Dr. Emelia Assiakwa, First Vice President, Mr. Alexander Bogney Bewong, Second Vice President, and Mr. Michael Kabutey Caesar, National Treasurer.