Petrosol Urges GIPC to Support Indigenous Investors

Chief Executive Officer of Petrosol has urged the Ghana Investment Promotion Centre (GIPC), to address some challenges that genuine Ghanaian investors go through in their effort to build sustainable businesses.

Michael Bozumbil said with strong and viable indigenous businesses, attracting foreign direct investment becomes easy since they will have the solid foundation to enter into a proper partnership with foreign investors.

He said this when he led the management team of Petrosol to call on the CEO of GIPC, Yoofi Grant, to congratulate him on his appointment.

Mr. Bozumbil also put before him some of the challenges Petrosol and some genuine businesses were encountering in the petroleum downstream sector in their attempt to operate legitimately.

According to him, the petroleum downstream sector is facing several challenges but one that is of major concern and threating the survival of legitimate businesses is the illegal importation and sale of petroleum products.

“I felt so sad for the country when the Finance Minister indicated recently in his mid-year review of the budget that he could not meet his revenue target when so much tax revenue is being syphoned by these nation-wreckers,” he said.

Mr. Bozumbil said some operators have started laying off staff and that if this issue is not quickly addressed, more will be laid off to add to the already teaming unemployed youth.

Mr. Grant expressed his appreciation to the Management of Petrosol for the visit and also for bringing the gravity of the issue to his attention, and promised to take it up for urgent attention.

He indicated that he was aware government is taking steps to act decisively on those evading taxes and asked for the co-operation and support of all stakeholders in ensuring those wrong doers are exposed and punished.

The CEO said further indicated that in as much as the GIPC will be working on attracting foreign investment, it will do so in collaboration with indigenous investors and thus will work at addressing their concerns.

He encouraged Ghanaian businesses to register with the relevant business associations so as to have a critical mass with the voice to make a strong case for their concerns to be addressed.