Ghana: ’s Maiden GH¢100m Bond Attracts GH¢178m in Bids

ETROSOL Platinum Energy PLC has listed its maiden GH¢100 million corporate bond on the Ghana Fixed Income Market (GFIM) of the Ghana Stock Exchange (GSE), after the issuance received total bids of GH¢178.074 million, representing a 178% subscription.

The listing, announced on August 24, 2026, comprises PETROSOL’s Series 1 and Series 2 Notes issued under a GH¢200 million Note Issuance Programme approved by the Securities and Exchange Commission (SEC) and the GSE.

According to PETROSOL, the strong demand reflects investor confidence in the company’s creditworthiness, governance and growth prospects.

The four-year Tranche 01 attracted GH¢114.277 million in bids against a GH¢50 million target, representing a 229% subscription.

The five-year Tranche 02, meanwhile, received GH¢63.797 million in bids against a GH¢50 million target, representing a 128% subscription.

PETROSOL said the demand across both tranches represents a strong response from investors, particularly within Ghana’s developing corporate bond market.

The company plans to return to the market later to raise the remaining GH¢100 million under the implementation schedule of its strategic plan.

Use of proceeds

PETROSOL said proceeds from the bond will be used strictly for purposes outlined to investors, including improving the company’s working capital.

The company plans to shift its fuel procurement from credit purchases to cash purchases to reduce its cost of sales and improve margins, while also delivering greater value to consumers.

Part of the proceeds will also be used to expand PETROSOL’s retail network of service stations and make its brand more accessible to consumers.

The company said its governance structures, including its Audit and Risk Committee, will oversee the deployment of the funds in line with the commitments made to investors.

PETROSOL Board Chairman, Daniel Acheampong, said the successful listing was the result of nearly three years of preparation by the company’s Board and Management.

He said the preparations were undertaken to strengthen governance, reporting and financial discipline ahead of the company’s entry into the capital market.

“We are proud of bringing PETROSOL to the Ghana Fixed Income Market of the Ghana Stock Exchange on the strength of that credibility, and the Board will hold Management to the same discipline in ensuring these proceeds are applied exactly as promised to our investors,” he said.

PETROSOL Chief Executive Officer, Michael Bozumbil, said the company’s access to the capital market formed part of its long-term strategy to grow sustainably.

He described the 178% subscription as a strong vote of confidence from the investment community and said Management was committed to deploying the funds for working capital enhancement, cash-basis procurement and retail network expansion.

Trading of PETROSOL’s Series 1 and Series 2 Notes on the GFIM began on August 24, 2026, with settlement, registration and depository services provided by the Central Securities Depository (GH) Ltd.

PETROSOL Platinum Energy PLC is an indigenous Oil Marketing Company supplying petrol, diesel, LPG and proprietary lubricants to retail and corporate customers.

The company said it currently operates 109 fuel stations across 13 regions of Ghana and ranks among the country’s top 12 OMCs by volume.