Bussiness
ZEN Petroleum ranked among Africa’s fastest growing companies for 2022
ZEN Petroleum, a wholly-owned Ghanaian Oil Marketing Company (OMC), has been named one of the 75 Fastest Growing Companies in Africa for 2022.
The inaugural Financial Times (FT) annual ranking, which ranked ZEN Petroleum in the 28th position of Africa’s Fastest-Growing Companies provides a snapshot of the corporate landscape on a continent where technology, fintech and support-service businesses have had to adapt to a radically altered environment.
According to the FT ranking, the Ghanaian energy company recorded an absolute growth rate of 159.6%, while its Compound Annual Growth Rate (CAGR) stood at 37.4% as against the 7.99% minimum CAGR required to be included in this year’s ranking.
The inaugural FT list was compiled with Statista, a research company, and ranks African companies by their CAGR in revenue, between 2017 and 2020. One of the areas ZEN Petroleum ranked high is strong revenue performance.
The company recorded significant revenues of $418.8 million in 2020 compared with $207.5 million in 2017.
The ranking lists 75 companies, ordered by the highest CAGR in revenues between 2017 and 2020, based on the criteria including revenue of at least $100,000 generated in 2017; revenue of at least $1.5 million generated in 2020; being an independent company (not a subsidiary or branch office of any kind), and a company with operational headquarters located in one of the African countries.
The calculation of company growth rates is based on the revenue figures submitted by the companies in their respective national currencies. The revenue figures were then converted into US dollars for better comparability in the ranking. According to the FT ranking, the average exchange rate for the financial year indicated by the company was used for this purpose.
The project
Additionally, the project was advertised online and in print, allowing all eligible companies to register online via Statista or the Financial Times between October 6, 2021, and February 15, 2022.
The process required submitted revenue figures to be certified by the chief executive, chief financial officer or an executive committee member of the company.
Following the application phase, Statista examined the officially stated revenue data of about 900 public companies in Africa. High-profile companies that met the criteria for inclusion were added to the list (27 in total).
The data were collected through research using official sources, such as publicly available earning presentations, investor relations websites, or annual reports.
About ZEN Petroleum Limited
ZEN is a wholly-owned Ghanaian Oil Marketing Company (OMC) that within ten years has established itself as the market leader in supplying Fuel and Lubricants to mines in Ghana.
ZEN has consistently proven to be a reliable, safe, and valuable partner in supplying high-quality hydrocarbon products to the industrial and retail sectors in Ghana and continues to innovate towards establishing a growing, world-class retail network, driven by a diverse local team of passionate experts.
ZEN is committed to locally-driven business solutions, respecting local customs, and adhering to our core values, while maintaining a global outlook, international standards and the provision of quality products and services. For more information, please visit www.zenpetroleum.com
Source: Starrfm.com.gh
Bussiness
Charterhouse announces the Business Elevate Series with launch of ‘The Gastro Feastival’
Charterhouse, Ghana’s leading event management and audiovisual production company, is marking its 25th anniversary of delivering top-tier events with the introduction of an exciting new initiative: The Business Elevate Series.
This innovative series is designed to shine a spotlight on key economic sectors through a series of dynamic B2B and B2C events, including industry conferences, seminars, and exhibitions.
Kicking off the series is The Gastro Feastival, a groundbreaking annual food industry festival that will showcase Ghana’s rich and diverse food ecosystem and agribusinesses from production to consumption.
The launch event will take place on Friday, March 7, 2025, from 4:00 PM to 6:00 PM at the Grand Arena (Accra International Conference Centre).
This landmark event will bring together food industry stakeholders, enthusiasts, experts, and organizations to highlight the food industry’s critical role in Ghana’s socio-economic development and culture.
It will also promote food security, digital innovation, women’s empowerment, youth employment in agribusiness, and sustainable practices.
The Business Elevate Series is a game-changing initiative designed to foster growth and transformation across multiple sectors. With Charterhouse’s deep expertise in organizing impactful meetings, the series aims to unlock investment opportunities, drive innovation, and catalyze social and economic change.
The Gastro Feastival will address six major pillars that drive industry transformation: Investment Opportunities; Job Creation; Innovation, Technology, and Digitization; Youth Involvement (entrepreneurship and career opportunities); Women’s Involvement; Environmental and Social Governance (ESG); Export Opportunities
The event will also establish a Resource Bank, spotlighting key growth opportunities and ensuring the effective allocation of resources to transform Ghana’s food industry.
The Gastro Feastival is a Charterhouse initiative, with Kosmos Innovation Centre as the technical partner.
Bussiness
Ghana’s GDP shows economy is fast recovering despite DDEP – Finance Ministry
Ghana’s Gross Domestic Product (GDP) indicates a rapid economic recovery despite global challenges and ongoing debt restructuring, according to the Ministry of Finance (MoF).
The Ministry in a statement today indicated that latest data from the Ghana Statistical Service (GSS), cumulative economic growth for the second quarter (Q2) of 2024 reached 6.9%, a notable increase from the 4.7% recorded in the first quarter of 2024.
The MoF statement further noted that, “The economy’s robust recovery is in response to the macroeconomic stability and growth interventions that government is pursuing under our IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG).”
According to them, the overall real GDP growth for the first half of 2024 rebounded strongly, with year-on-year GDP growth averaging 5.8% for the period, significantly higher than the 2.9% recorded in the same period in 2023.
By Edem Mensah-Tsotorme
Read full statement below
