Petrosol CEO Advises Businesses to Operate Independently of National Budget Provisions

Michael Bozumbil, the Chief Executive of Petrosol, has counseled business operators to manage their enterprises without relying on provisions outlined in the national budget. Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting held at the Labadi Beach Hotel, where the theme is “Fiscal Discipline: Breaking the political business cycle in 2024,” Bozumbil emphasized that this approach is crucial for ensuring business sustainability in Ghana’s political climate.

Referring to the government as an irresponsible father, Bozumbil criticized the lack of discipline in managing the country’s finances, leading to adverse economic consequences. He stated, “So for us as business operators in an economy like this that over the years our political leadership have acted in ways that suggest quite strongly that they’re not disciplined because we’re talking about financial discipline.”

Bozumbil highlighted that, amidst economic challenges, businesses should reduce their reliance on national budgets and political connections. He pointed out that budgetary provisions are often unfulfilled and, even when executed, may not benefit the average business operator.

To navigate the economic complexities, Bozumbil recommended adopting a worst-case scenario approach when considering the national budget, urging businesses to manage their expectations and not depend heavily on government promises.

“For us as business operators, our approach has been to assume that we don’t have a father to survive. So what it means is that for any serious business operating in a business climate like this, you better take a worst-case scenario approach. And that worst-case scenario approach is to first assume that what is being presented as a budget, nothing will be done about it. That’s the first point,” he asserted.

In conclusion, he emphasized that businesses must operate with the mindset that there is no national budget, acknowledging that it is a challenging decision but asserting it as the best approach for ensuring business sustainability, especially through changing political landscapes.

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